You’ve worked hard and after five years of disciplined savings, you’ve been approved for a 20 year $200,000 mortgage. It’s an exciting time and amongst the financial decisions ahead of you is determining if you should buy the bank-sponsored mortgage life insurance policy recommended by the loan officer.
Bank mortgage life insurance is not required but you both agree that if either of you dies, you want the survivor to receive a life insurance benefit so he/she can pay off the mortgage.
You spend a lifetime accumulating assets and building an estate with the intention of passing it on to your heirs or charitable beneficiaries. Without proper planning, a person’s death can create significant hardships on the people for which the estate was created.