Home loan insurance - Is it like credit card insurance?
by Guest » Wed May 19, 2010 08:20 am
I've learned of their credit card insurance coverage. Now, they've come up with this home loan insurance offer as I signed up. Is it really necessary to get this thing?
Total Comments: 5
Posted: Wed May 19, 2010 11:38 am Post Subject:
Don't know, if you've already signed up for it, what does it cover? I'm guessing this is insurance to cover your mortgage payment if you lose your job? There are so many products like this on the market, that we really need to know what you bought...what does it cost, and what are the requirements for claim payment, and what is the chance you could use your job?
Posted: Thu May 20, 2010 10:36 am Post Subject:
Hey Lori, thanks so much for your reply!
I had applied for a home loan a few months back and remained a bit tensed regarding my chances of paying it back. It's been a couple of days that a guy is calling me regarding an offer. All he has to say is that his company wants to cover me for this repayment period. The offer seems good as my family members would be free from any burden in the event something happens to me before the loan is paid back in full. Now, I'm wondering if it's too good to be true!
Posted: Thu May 20, 2010 11:23 am Post Subject:
a guy is calling me regarding an offer. All he has to say is that his company wants to cover me for this repayment period
I personally have an issue with people calling me...if I want to buy something I'll call you...how did he know you'd applied for a loan?
The offer seems good as my family members would be free from any burden in the event something happens to me before the loan is paid back in full. Now, I'm wondering if it's too good to be true!
Proably credit life (pay off the note if you die-IMO a rip off UNLESS you don't qualify for life insurance)...I wouldn't buy anything over the phone, if you think you may be interested, have them mail you information, so you can check it out...don't bite on the , 'we can't you pay us 'x' amount and we'll send it to you then you can cancel it if you don't like it'...also
I had applied for a home loan a few months back and remained a bit tensed regarding my chances of paying it back.
Did you get the loan? If not, re-think this...if you are 'tensed' regarding repayment of a loan, you're most likely better off without it!
Posted: Fri May 21, 2010 05:09 am Post Subject:
Yes, I'd agree with Lori in believing that we should check everything before we sign up or get enrolled in a program. Some of these callers are not even prepared to disclose their true identity.
Posted: Sat May 22, 2010 05:27 am Post Subject:
If the tenure of the loan is long, then the repayment process also stretches. Some of us would consider it a risk. Now-a-days, we may pay a bit more and stay covered for our loan repayment. It will certainly reduce our risks.
Posted: Wed May 19, 2010 11:38 am Post Subject:
Don't know, if you've already signed up for it, what does it cover? I'm guessing this is insurance to cover your mortgage payment if you lose your job? There are so many products like this on the market, that we really need to know what you bought...what does it cost, and what are the requirements for claim payment, and what is the chance you could use your job?
Posted: Thu May 20, 2010 10:36 am Post Subject:
Hey Lori, thanks so much for your reply!
I had applied for a home loan a few months back and remained a bit tensed regarding my chances of paying it back. It's been a couple of days that a guy is calling me regarding an offer. All he has to say is that his company wants to cover me for this repayment period. The offer seems good as my family members would be free from any burden in the event something happens to me before the loan is paid back in full. Now, I'm wondering if it's too good to be true!
Posted: Thu May 20, 2010 11:23 am Post Subject:
a guy is calling me regarding an offer. All he has to say is that his company wants to cover me for this repayment period
I personally have an issue with people calling me...if I want to buy something I'll call you...how did he know you'd applied for a loan?The offer seems good as my family members would be free from any burden in the event something happens to me before the loan is paid back in full. Now, I'm wondering if it's too good to be true!
Proably credit life (pay off the note if you die-IMO a rip off UNLESS you don't qualify for life insurance)...I wouldn't buy anything over the phone, if you think you may be interested, have them mail you information, so you can check it out...don't bite on the , 'we can't you pay us 'x' amount and we'll send it to you then you can cancel it if you don't like it'...alsoI had applied for a home loan a few months back and remained a bit tensed regarding my chances of paying it back.
Did you get the loan? If not, re-think this...if you are 'tensed' regarding repayment of a loan, you're most likely better off without it!Posted: Fri May 21, 2010 05:09 am Post Subject:
Yes, I'd agree with Lori in believing that we should check everything before we sign up or get enrolled in a program. Some of these callers are not even prepared to disclose their true identity.
Posted: Sat May 22, 2010 05:27 am Post Subject:
If the tenure of the loan is long, then the repayment process also stretches. Some of us would consider it a risk. Now-a-days, we may pay a bit more and stay covered for our loan repayment. It will certainly reduce our risks.
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