13:00 18 March 2013
With tonnes of different insurance products and programmes available to homeowners, information is bound to become slightly confusing at times.
Mortgage life insurance may be one of those financial matters which deserve clarification, so you can make an educated decision about whether or not you want to have it.
First of all, what exactly is mortgage life insurance?
Mortgage life insurance simply means that if something happens to a homeowner there is insurance included which will pay off the remainder of what is owed on the home.
How does mortgage life insurance benefit you?
Do you need mortgage life insurance?
This coverage is not required, so the answer to this question depends upon your own circumstances and those of your family. It essentially allows you the opportunity to significantly help those you care about maintain either a paid-for home, or to give them the means to attend university, pursue a dream, or establish savings.
The decision is up to you and whether or not you feel is offers a valuable benefit to you.
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