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I have a question about insurance. Assumption, I buy a new home, put 30% down. No impounds, No PMI.
Other than life insurance is there any kind of insurance that would pay off the mortgage in the event of my and or my wife's death, which would leave the survivor mortgage free?
Sure, mortgage life insurance. Exactly what you're talking about. There is also mortgage disability insurance.
Google both and then go talk to a good insurance agent for further clarification.
No, don't go talk to an insurance agent about purchasing mortgage insurance. It's a waste of money and a big money maker for insurance companies. In fact, it's generally a bad idea to purchase specialized insurance that insures against certain specific calamities.
Just analyze your overall life and disability insurance needs, including covering your mortgage obviously, and purchase enough of that general insurance to cover your family's needs.
That's why we have life insurance that more than covers the mortgage. Should one of us go, the other will use the life insurance money to pay off the house, pay off any outstanding debts, and still have plenty left over for remaining living expenses for many years to make up for the loss of salary of the deceased spouse. We also have life insurance through our jobs, so that at least 1.5 years worth of that spouse's salary is paid out to the surviving spouse.
OP- I wasn't being snarky. You asked a question- I gave you the answer for the exact type of insurance you needed.
Then you came back and asked the same, identical question again. So I gave you the same answer.
I'll repeat again. Mortgage life insurance pays off just the mortgage. The policy pays out an amount just enough to cover the outstanding, remaining mortgage balance. This type of insurance appears to be what you want. The end.
Just get an accidental death policy to cover the mortgage. They are usually cheaper policy because it only pays off in case of accident.
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