Rather than purchasing mortgage life insurance,individuals can achieve the same goal and possibly save money by purchasing sufficient ________ to pay off the mortgage.

Question

Quizplus · Accepted Answer

Term insurance provides coverage for a specific period of time, typically the length of the mortgage. It is a more affordable option compared to mortgage life insurance, which is usually more expensive and provides limited coverage. With term insurance, the beneficiary can use the death benefit to pay off the mortgage and use any remaining funds for other expenses or investments. Whole life insurance and universal life insurance are typically more expensive and provide more than just mortgage coverage, which may not be necessary for everyone. The age of the house does not affect the type of insurance needed for mortgage coverage.

Rather Than Purchasing Mortgage Life Insurance,individuals Can Achieve the Same