Most financial planners would suggest taking a more holistic approach to the financial needs of your heirs, so that you can maximize the amount of financial protection you purchase for them, while leaving them in control of exactly where the money goes. Mortgage protection insurance will take this control away from them, as it functions specifically to pay off the mortgage.

But what if your family decides not to stay in the family home, should you pass away? To pay off a mortgage on a house that they will immediately resell is probably not the best way to use a large portion of the payout amount they receive from the insurance company. You have a limited amount of money each month available to pay toward your insurance premium, so it makes sense to enable them to maximize its usage by putting the payout exactly where it will benefit them most. Only they will be able to determine this.

When you think about it, buying mortgage protection insurance benefits the mortgage lender the most, and that is not your reason for buying life insurance in the first place. The “loose ends” that you would like to tie up in the event you are no longer there to provide for your family have to do with their requirements, only.

Most guides to life insurance basics would tell you that the best strategy is probably to purchase the best term life insurance policy that you can find, with the largest payout amount that you can afford, and leave the specifics up to your beneficiaries. You’ll sleep better at night knowing that you are addressing every aspect of their needs, rather than providing coverage that may turn out to be redundant.

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