Asked by Mike  |  Submitted September 18, 2014

Is it better to purchase mortgage protection insurance or life insurance to pay off the mortgage in the event of my death or disability

67 year old white male, good health, employed

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  Answers  |  1

September 19, 2014

I'm assuming you aren't talking about mortgage insurance the lenders require if you put down less than 20%. It is required to obtain certain loans. Assuming that's not what we're talking about here Generally, it's better to just purchase life insurance and leave the options open for your beneficiaries. Why limit options? It may not make sense for them to pay off the mortgage at the time of your death. At age 67 it would be best to get quotes and see what is offered. Unfortunately, there may not even be a viable option at that age.

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