Is Mortgage Life Insurance Worth It? 
Mortgage Life Insurance is paid to the mortgage company , decreases in value as the mortgage decreases , can not be retained or transferred if the mortgage ends or is transferred , is not competitively priced , and often has finance charges on the premium because it is lumped in with the home loan . Using Term Life Insurance to protect a mortgage allows the beneficiary to be whoever you wish -LRB- let them decide if it is in their best interest to pay off the house or keep your low interest rate and use the money elsewhere -RRB- , the face amount stays the same even as your mortgage goes down , is yours to keep after your home is paid off , and has scores of companies competing for your policy so is competitively priced . 