You do not need private mortgage insurance or credit insurance if you qualify for a regular life insurance policy. A regular life insurance policy gives your heirs the flexibility to use the money for their most important needs rather than being forced to use the cash to pay off a low-rate loan. Even if you have a traditional term life policy, you could save money by switching to a new policy. Term rates have plummeted over the past decade. If you are in good health, you could pay even less for a new policy even though you may be older.
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-Article from Kiplinger’s Personal Finance Magazine