Mortgage insurance is a wise move. Should anything happen to you, your spouse would be protected by having mortgage insurance. The house would be paid for and your familys financial security would be a little bit better off. Or, if you have mortgage insurance that is triggered by your disability or being unable to work, then you and your spouse are both covered if something bad should happen.

Mortgage insurance actually is such a good idea that many mortgage companies, in fact most of them, insist on it. That is wise on the part of the mortgage company because it provides them with additional security, and makes it easier for them to justify loaning you the money for your mortgage. From a business standpoint it really just makes sense both for you and for them.

Take, for example, the case of Mary Jones. Mary and her husband Tom worked hard to get a down payment together to buy a home. They had three children and Tom and Mary decided that they would both prefer that Mary stay home with the kids and quit her job. Tom had a good job and a nice paycheck so it wasnt a burden. However, Tom was tragically killed in an auto crash. This left Mary alone to support the family without an income. Fortunately Tom had adequate life insurance and he had mortgage insurance.

Mary received a check from the life insurance company large enough to support her and the kids until they were grown, and another check she used to pay off the mortgage on the home, from the mortgage insurance company, which took away the largest monthly debt she had to pay on and gave the family the security of actually owning the place where they lived. They no longer had to worry about making the house payment. The mortgage insurance took care of that for them.

Marys case isnt unique. Every year in America thousands of people depend on mortgage insurance when unexpected tragedy occurs. Mortgage insurance looks like a burden to those who pay it until they think about the amount of protection it provides. Mortgage insurance is one of those things that you are very glad to have when you finally need it. Having mortgage insurance, for many families, has made all of the difference in security, in having a roof over their heads, and in knowing that their futures were secure.