by Guest » Wed Sep 16, 2009 07:45 pm
As we all wish to do, protecting those nearest and dearest to us is usually most important. Think about this for a second you just took out a $300,000 loan (which now a days is the lower end for homes especially in the NY area) to be paid off during a 30 year term. All sounds great until however tragedy strikes the family and the breadwinner either mom or dad fall victim to a heartattack, car accident etc. Banks may have lowered the rates on loans but unfortunately they will not be as sentimental to your current situation. So now you ask how will the family pay for this...Good thing at the time of closing their loan they spoke with their Insurance Broker about Mortgage Protection Insurance. (A policy can be taken out at any time after the loan is closed as well) This is basically a Term Life insurance policy that is geared to both the amount of your loan and the term in which it was taken for, or the amount of time left on it depending on when you decide to get it. This way if a loved one were to die the beneficiary usually either the significant other or eldest child can either pay off the balance of the loan, or re-invest the amount they just received from the Mortgage Protection policy. Premiums even for people in their later years of life are very low and are of course always worth the protection of family and loved ones. If you have any questions about this further please feel free to contact me.
Charles Maniglia
Director of Marketing
Link-address removed by moderator
Charles Maniglia
Director of Marketing
Link-address removed by moderator
Posted: Wed Sep 16, 2009 09:20 pm Post Subject:
Mortgage insurance is overpriced crappy term insurance. What does "premiums even for people in their later years of life are very low" mean? Very low in relation to what? Premiums for older people are more expensive and I'm sure plenty of older people would not consider the premiums on a $300k policy to be "low"
Posted: Wed Sep 16, 2009 11:01 pm Post Subject:
The ONLY time I can see that a CREDIT LIFE policy makes any sense at all, is if the insured is well, uninsureable, too old, sick etc. To get a regular term or (ANYTHING ELSE) another true NON-decreasing life policy...My opinion...
By the way Chuck...no hawking of your wares in the threads bub, you can add you link etc. to your signature AFTER you have completed the required amount of qualifying posts...Please read the Terms of Use. :x
Posted: Mon Sep 21, 2009 06:34 pm Post Subject:
The problem with the thought that mortgage insurance being crappy overpriced term is that it's not. Overpriced term is non-med term. Straight up fully underwritten, cheap term is mortgage protection as well.
Posted: Mon Sep 21, 2009 06:45 pm Post Subject:
Mortgage insurance usually is non-med overpriced crappy term, with crappy conversion options and sometimes a higher premium for a decreasing death benefit than a straight underwritten level term.
I agree - straight up fully underwritten term insurance is mortgage protection, most people just don't think about it that way when someone presents them with a non-med mortgage insurance option.
Posted: Mon Sep 21, 2009 06:57 pm Post Subject:
I think it's because people don't want to "work" for the best price. Oh no med sure, I'm scared of needles, so they pay more.
Posted: Mon Sep 21, 2009 10:36 pm Post Subject:
I have no problem with a term policy...zero, none--I do however have a problem with charging the same price month after month for credit life, that decreases, every month...but as I've said before, people that are too old, or ill, cannot qualify for 'regular' life insurance. That's the only time, I see that it's a good deal for anyone.
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