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Ask Dave

Mortgage disability insurance?

Mortgage disability insurance during Baby Step 2? Dave doesn't think so, and he offers a better solution.

QUESTION: Craig asks if it’s a good idea to get mortgage disability insurance during Baby Step 2. Dave advises against it and offers a better alternative.

ANSWER: No. Mortgage disability insurance is a gimmick. I would have long-term disability insurance — period. I wouldn’t buy insurance just on a mortgage, or just on loans.

Long-term disability insurance is fairly inexpensive in most cases, especially if you get it through work.