MORTGAGE LIFE INSURANCE
Mortgage life insurance will repay an outstanding mortgage if the policyholder dies. As long as you’re paying off your mortgage, the amount of coverage decreases even though the premiums stay the same. (This is why the policies are sometimes called declining or decreasing mortgage life insurance.)
Jason Fisher, an independent insurance agent in Myrtle Beach, S.C., says a standard life insurance policy is preferable because it offers a steady death benefit, is more flexible, allows additional benefits (e.g., waiving the premium if you become disabled), and sometimes is cheaper.
