Pros and Cons of Mortgage Life Insurance

You are not alone if you are ambivalent whether to buy mortgage life insurance or not. To guide your decisions whether mortgage life insurance is worth having, we’ve come with the pros and cons of mortgage life insurance. Read on to learn more.


Less stressful underwriting: The underwriting process or mortgage life insurance is a breeze. To qualify for this policy, you don’t even need to undergo any medical examination. However, some insurance companies will still ask you to do it if you have any terminal illness.

Zero mortgage debts: There is no better way for you to ensure that your family live in mortgage-free home than having mortgage life insurance


Decreasing benefit: Unlike traditional life insurance, mortgage life insurance ensures that the more your outstanding debts decrease, the more your death benefit reduces.

One purpose: You won’t get additional benefits apart from paying your mortgage debts when you are dead.

No fixed premium: The amount of premium you will pay decreases gradually with the length of your coverage. This means that you will pay more premium at the beginning of your coverage and less at the tail end of your coverage.

Bottom Line

If you are still not sure whether mortgage life insurance is the best option for you, we strongly advise you to contact us or meet your insurance agent for more guidance.