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ARTICLE · 27 MARCH 2023

Mortgage Insurance Vs Life Insurance: What's Right For You?

Lawyers Financial
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In this edition of THE FINE PRINT, we magnify the 4-point font at the bottom of every mortgage insurance policy.

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Hint, it's an easy question.

In this edition of THE FINE PRINT, we magnify the 4-point font at the bottom of every mortgage insurance policy. Our caveat-free advice: if you're deciding between mortgage insurance and life insurance, the answer is life insurance-ten times out of ten.

Mortgage insurance and life insurance both purport to protect your loved ones in the case of your death. But only one will offer your beneficiaries the freedom to use those payments to truly suit their needs-and at lower rates with fewer restrictions. That's life.

Mortgage insurance is commonly sold to new homeowners by their banks. At face value, it makes sense: you buy coverage to ensure that if something happens to you, your family won't be responsible for the remaining balance on your home.

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