Anyone with a loan to value at 80% or greater of the overall home mortgage loan may need mortgage insurance.
You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off your mortgage loan in case you die before it is paid off.
What are the benefits of mortgage life insurance?
The benefit of a mortgage payoff life insurance plan is that in the event of the death of the policy holder, your family will receive benefits to pay off the outstanding mortgage loan on your home so your family members can remain in the home they shared with you.
Learn more about mortgage payoff life insurance and how it works.