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Having additional life insurance to keep your family protected is a good idea; however, extra term or permanent life insurance can get expensive. The lower your coverage is for term or permanent insurance, the lower your premium payments will be. For this reason, a great way to supplement your existing life insurance policy is by obtaining mortgage life insurance as well.
Mortgage life insurance can help your family pay off their mortgage should something happen to you, plus it usually carries lower monthly premiums than taking out a larger term or permanent life insurance policy. This can help you save money while helping your family at the same time.