by Guest » Sat May 23, 2009 11:00 am
The mortgage company I'm dealing with wants me to purchase mortgage life insurance. But I'm not sure about paying on top of my mortgage installment, which is already high. Do I really need to purchase mortgage life insurance? What would it cover?
Posted: Sat May 30, 2009 06:29 am Post Subject:
Insurance industry studies show that it is very unlikely that the death benefit will ever be paid on a term insurance policy. One study placed the percentage as low as 1% of policies paying a benefit. That is the reason term insurance is able to be so inexpensive.
Add this to the fact that you are paying the same amount each year for a policy that is worth less each year and you get a big win for the insurance company.
Be smart. "Buy the house" when purchasing a life policy. A whole life policy builds equity (cash value) just like your home. If you live too long, you can use the accrued monies to assist you in your retirement.
Term life is like renting an apartment. As long as you pay you have coverage. Just like when renting an apartment you have a roof over your head.
If you live in Arizona, contact (link removed by moderator lori) to get your life insurance tailored to fit your needs.
Posted: Sat May 30, 2009 11:19 am Post Subject:
Tim, welcome to the community...there is no 'hawking of wares' in the threads allowed...(please see the Terms of use link at bottom of page )...after you have made ten (i think that's right) posts you can add a signature to your profile, you can put the link to your website there but not in the threads...please feel free to send me a PM with any questions....lori
Posted: Sat May 30, 2009 03:19 pm Post Subject:
Be smart. "Buy the house" when purchasing a life policy. A whole life policy builds equity (cash value) just like your home. If you live too long, you can use the accrued monies to assist you in your retirement.
You sound like the kind of agent who gives others a bad name by pushing product without facts. Very few people can afford the coverage that they need without at least having some of it as term insurance and most people need to have a large % of their coverage as term coverage.
Posted: Mon Jun 01, 2009 03:39 pm Post Subject:
Insurance industry studies show that it is very unlikely that the death benefit will ever be paid on a term insurance policy. One study placed the percentage as low as 1% of policies paying a benefit. That is the reason term insurance is able to be so inexpensive.
I hope that the death benefit on my term policies is never paid out! Term insurance is a very inexpensive way to protect a family or a temporary bill (mortgage, etc.) While insurance can be used as investment products, there are far better investments with better returns out there.
There is a need for all types of insurance policies, but many people could not afford to simply have a whole / universal policy that would provide enough coverage.
Posted: Thu Jun 04, 2009 11:04 pm Post Subject: MORTGAGE LIFE INSURANCE
Mortgage Life Insurance will pay off your home if you or your wife should suddently die. If you have any bad habits like cigarette smoking, you need to find out how much the extra insurance cost. If it is less than the cigarettes monthly, then you should invest in the insurance. Plus, the insurance is normally attached to your mortgage payment. You need to sent in a monthly payment.
Hope this helps.
Posted: Fri Jun 05, 2009 06:36 am Post Subject:
Hi Today Insurance,
Mortgage Life Insurance will pay off your home if you or your wife should suddently die.
If you have enough life insurance coverage that too would help the family in paying off the mortgage. Why would one need mortgage life policy?
Plus, the insurance is normally attached to your mortgage payment. You need to sent in a monthly payment.
Shouldn't the borrower be informed that certain amount is being added to his monthy payment for the mortgage life policy?
And, apart from smoking what are the other caused that should motivate one for this kind of protection?
Kelvin
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