By Madeleine Maltese
Buying the mortgage life insurance offered by the bank may seem logical, but a more practical solution may be available to you.
If you’re about to buy a house, you’re probably thinking about protecting your mortgage in the event of your death. At first glance, the most logical option will be to take out the mortgage life insurance offered by the bank. But have you considered individual life insurance? A more flexible and more advantageous solution in many respects. Let’s compare the main features of the two types of products:
No law requires you to purchase mortgage protection, but good coverage will protect your family’s finances and prevent you from leaving large debts when you die.
In other words: When it comes to mortgage protection, individual life insurance offers considerable advantages. Ask your advisor which solution best suits your situation.
