Life Insurance for Mortgages Good Idea?

When is mortgage life insurance a good idea? Is it ever?

QUESTION: GB asks if he needs mortgage life insurance.  Is it a gimmick?

ANSWER: You should never buy mortgage life insurance.  It’s ten to twenty times more expensive than the same amount of term life insurance.  It is a gimmick.  Always buy enough term life insurance – about ten times your annual income – to take care of your family in case of death.  

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