The Situation
You have just purchased a home and need life insurance protection for the mortgage. However, you want the flexibility to change the mortgage provider and you have plans on moving in the future to accommodate a growing family. You want you and your family, not the lending institution, to control the policy's proceeds.
The Strategy
Purchase a term life insurance policy (that you own) and name a family member as the beneficiary. The tax-free life insurance benefit is paid directly to the beneficiary free of probate and legal fees upon your death and can be used to pay off the mortgage.
