Possibly most people today are aware of the great difference between term life insurance and bank mortgage insurance. People know that the bank owns the insurance (you don’t) you have to pay for it (they don’t) they are the beneficiary (your heirs are not) and it goes on and on.
Term Life Insurance
But apart from those good reasons, remember also that most bank mortgage life insurance is a lot more expensive. But it is not only more costly in dollars, it is also a lot more expensive in human anguish.
Term Life Insurance Comparison
Take your own situation or the situation of a friend that fits this scenario. Married with children, one spouse dies suddenly. The family has the normal comittments of daily living expenses all of which continue.
But what does the bank do, if you have bought their plan and not term life insurance? They pay off the mortgage but leave no money for the family’s every day needs!
If this couple had bought term life insurance, the survivor would have the money to continue to pay the mortgage as well as being able to look after the family.
Term Life Insurance Continues
Again, assume...
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