Profile picture for user2069268

Mortgage Insurance does it pay off mortgage if spouse dies

  • July 09 2012 - Princeton Township
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Answers (2)

Profile picture for Gulf StatesFinancial
To add to what wetdawgs has posted I think the question is do you have mortgage life insurance or do you just have mortgage insurance (sometimes referrred to as MI or PMI - private mortgage insurance)? The name of the product you are asking about for is the former not the latter.

You may want to compare your shopping results on this product to just a regular term life insurance policy with an existing insurance agent you have and ask what the benefits/downfalls are between the two.
  • July 10 2012
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Profile picture for wetdawgs
Mortgage insurance as part of one's loan (usually required because of less than 20% down payment) is to protect the lender and does not pay off if spouse dies.

One can buy mortgage protection insurance separately to cover the loss of income due to death and some of them will pay off the mortgage.      I know we got about a zillion offerings in the mail each time we've purchased a house with a mortgage. 

Read your policy, did you purchase a separate policy or did you get the version that covers the lender only.
  • July 09 2012
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