Life
insurance is usually not required when getting a mortgage loan on your home unless
the down payment is very low, for example, 5% or less.
Then, the borrower is required to buy a type of
insurance called "PMI", or Private Mortgage Insurance. This insurance coverage
would pay the lender what is owed to them from the outstanding unpaid balance on the mortgage loan in the event of the mortgage borrower's
death.
However,
many people do use regular term life insurance to prote...
Continue reading ...