Health IQ – Mortgage Insurance Vs Life Insurance
Buying a home is the culmination of a lifetime of dreams for couples looking to start a family or put down roots in a neighborhood they want to call home. It’s also the most expensive purchase they’ll make in their lifetime. And the mortgage needs to be paid every month if the couple wants to maintain the roof over their head. In turn, this creates a unique stress in the form of wondering how the mortgage is going to get paid in the event one of the spouses dies before the mortgage is paid off. One option is to get a mortgage life insurance policy, but it may not provide enough for those who are left behind if a spouse does pass prematurely.
Mortgage life insurance is limited in that it only covers the remaining balance on the mortgage, and the money is paid directly to the loan servicer. No money ever reaches the remaining family members. Term life insurance, on the other hand, comes in varying benefit amounts that can cover the mortgage and have money left over. The money that remains can be used for college education for children, paying the property taxes, keeping the home maintained, and ongoing bills that still come in even after the mortgage is paid off. It’s worth it to take a look at term life insurance as an option to cover the curveballs that life can throw.
Take the HealthIQ.com quiz below to learn more about the differences between term life and mortgage life insurance. You might be surprised at what you find out! And those that score well may qualify for Health IQ’s special rate life insurance product.