What Life Insurance Do I Need for Mortgage?

If you're putting down less than 20% for a down payment on your new home, then you may be required to purchase PMI insurance, to protect the lender.

However, if PMI is not required, then you may not need life insurance.

But, it is a good idea to have some life insurance to make sure your loved ones have the money needed to pay off the outstanding balance on your home mortgage loan in case you die before it is fully repaid.

That way, your family will have the money to make the mortgage payments, and remain in their home, should you pass away.

Learn more about what life insurance you need for a mortgage.