Decreasing Term Life Insurance
Just Say No To Mortgage Life Insurance and
Decreasing Life Insurance
These kinds of insurance policies will pay your mortgage in the
event of death or disability. But the cost of these policies can
be three to five times as much as comparable straight term-life
insurance, according to Consumer Reports. Decreasing
term life insurance is more expensive and the death benefits
of the policy decrease over time.
Plus, the value of this insurance actually goes down as you pay
down your mortgage. If you're worried about burdening your family
with mortgage payments, you will be better off buying straight life
If you have a 30-year mortgage buy a 30 year term policy in the
same amount as your mortgage; it will be less expensive that mortgage
life insurance or decreasing term life insurance. Lastly you will
have better coverage for a better price.