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Why do you need mortgage insurance?
Mortgage insurance is vital for safeguarding your home and financial stability. It ensures that your mortgage is covered in the event of unexpected circumstances, such as death, disability, or critical illness. By protecting against these risks, mortgage insurance prevents your family from facing the burden of unpaid mortgage payments, potentially avoiding foreclosure. It provides peace of mind, knowing that your loved ones can remain in their home regardless of life's uncertainties. Ultimately, mortgage insurance is a key investment in securing your family's future and maintaining their standard of living.
Pros and cons of mortgage insurance
Mortgage insurance provides security by ensuring your mortgage is paid off if you pass away or cannot work due to an accident and/or sickness, offering peace of mind for your family. However, taking it with your mortgage causes the payout amount to decrease as you pay down your mortgage, premiums are typically not guaranteed, the benefit goes directly to the lender as they are the beneficiaries, not your family and you cannot transfer your insurance policy to another institution because the bank is the owner your policy. Considering a mortgage insurance independent from your mortgage institution gives you the benefit of being the owner of your policy, naming a beneficiary of your choice and can potentially save you a lot of money.
