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 Posted: Fri Sep 04, 2009 1:59 am Post subject: What insurance do I need to pay off the mortgage if I die? |
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| I would like to have some insurance to pay off our home when I die so that my wife doesn't have to give it up and move out on the street. |
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danpa
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| Posted: Fri Sep 04, 2009 11:12 am Post subject: |
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Don't you have the PMI coverage? Was your down-payment less than 20%?
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Crossbreed
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| Posted: Fri Sep 04, 2009 11:39 am Post subject: |
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| Quote: | | Don't you have the PMI coverage? Was your down-payment less than 20%?_ |
PMI will NOT pay off the mortgage if you die Crossbred, it pays off the mortgage if you default on the note. Then the PMI insurer comes after you..
The insurance you're talking about is called Credit Life. Unless you are uninsureable, (sick/old etc) it's not a good deal at all. You would be better off with a term policy, that is atleast the amount of your note. A term policy doesn't decrease in amounts. Credit life decreases with the amount of the pay off.
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Lori
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| Posted: Fri Sep 04, 2009 2:31 pm Post subject: credit life |
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| Would I be eligable for this credit life since I have terminal cancer. I was told in Feb. that I would have approx. 6 mos. and I have been in treatments, taking morphine,oxycontin,neurontin,etc. ever since. I feel like I'm ready to stop all of this and just let go but I need to take care of my wife first. |
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danpa
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| Posted: Fri Sep 04, 2009 2:51 pm Post subject: |
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| Quote: | | Would I be eligable for this credit life since I have terminal cancer. I was told in Feb. that I would have approx. 6 mos. |
Sorry to hear that...I don't know that any health questions are asked on credit life polilcys...I know when we were very young and dumb we had it on our vehicles etc..and there were NO questions at all...but that was also at the closing of the deal...IF those questions are asked YOU must answer them honestly or it will be mis-rep and your wife won't get the pay off anyway..I'd advise you to get to calling right now... | Quote: | | and I have been in treatments |
good luck with that...miracles happen every day.., | Quote: | | taking morphine,oxycontin,neurontin,etc. ever since |
Those are all pain meds..and wouldn't provide any treatment... | Quote: | | I feel like I'm ready to stop all of this and just let go but I need to take care of my wife first. |
Of course you do...see what you can do to get credit life added to anything you have, but also be sure you read the fine print, that there are no claus's that would deny payment within the first six months, etc..best of luck to you and God bless.
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Life gaurantees a chance NOT a fair shake
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Lori
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| Posted: Fri Sep 04, 2009 3:28 pm Post subject: |
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| I would be surprised if there was NO underwriting questions whatsoever and they didn't have a graded death benefit (i.e. no full death benefit in first two policy years). You are in a pretty tough situation, but you are basically looking for a handout from the insurance company. You are lucky that you have the other life insurance policy in place....many people in your situation can't even say that much, which is very unfortunate. I wish you luck in getting through everything, hope I didn't come across as too much of a jerk with the other post. Too many people come around looking for help, but don't want to give the necessary information that will let us help them. |
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dgoldenz
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| Posted: Fri Sep 04, 2009 3:48 pm Post subject: |
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| Quote: | | I would be surprised if there was NO underwriting questions whatsoever and they didn't have a graded death benefit (i.e. no full death benefit in first two policy years). |
I would be as well...Seems to me if you purchase these credit life policys, (either on a car, house, boat, whatever)...when you initally take out the note there are little to no (in our case there were none, but again that's been 25-30 years ago)...questions..but trying to purchase credit life after the loan has been active for some time, I would think would definately generate a closer look by the underwriting dept....who knows, though, there might just be something out there...but please please please, read it well or have your agent read it over..I'm betting there will be an 'out' in the beginning of the policy.
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Life gaurantees a chance NOT a fair shake
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Lori
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| Posted: Fri Sep 04, 2009 4:52 pm Post subject: Thank You |
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| I am not really looking for a handout from anyone,never have and never will. I know you didn't mean it that way but it came across that way. I tried both through my insurance company and through the mortgage company several times over the the last 5 yrs.(before I got sick) to get info and possibly a policy for this type of insurance and no one would give me an answer. The insurance companies have taken my money for homeowners, auto, motorcycle and life policies for years without one claim but I'm the one wanting a handout? We hoped that all the chemo and radiation would have given me more time but I know there is no way I will continue the rest of this year so I guess it's to late for the insurance anyway. Thank You for your help and honesty. |
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danpa
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| Posted: Fri Sep 04, 2009 7:49 pm Post subject: |
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| I am not saying that you are looking for a handout, only that what you are trying to find would amount to the insurance company giving you one. It's not really insurance if there is a strong probability of the event happening in the near future. If everyone had access to a good independent agent, you probably wouldn't have run into the situation of being shrugged off by your other insurance company and by your mortgage company, both of whom probably don't sell what you were asking about at the time. That's the problem with captive companies.... |
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dgoldenz
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| Posted: Tue Sep 15, 2009 7:06 am Post subject: credit life |
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| It wouldn't hurt to call the bank and ask if you could add the credit life. If they say yes, then ask them if the underwriting is strict. Also ask them if there is a waiting period.Ask them this before the cancer thing comes up. |
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agent07
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| Posted: Tue Sep 15, 2009 8:58 am Post subject: |
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| Quote: | | It wouldn't hurt to call the bank and ask if you could add the credit life. |
Didn't quite get how you'd add credit life with a bank. Credit life policies are after all life insurance policies...aren't they?
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anonymous00
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| Posted: Wed Sep 16, 2009 5:12 am Post subject: |
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| Yes, they are simply decreasing term policies that are added when the loan is written.They are usually expensive so it would be better just to get a level term policy to cover the debt.Example:you have a 20 year mortgage, you take the bank's insurance, you owe 10 more years ,when you die, the policy would pay the house off.If it were a 20 year level it would pay the full original face amt. But if you are in bad health you should get the banks ins. This is what I suggest to my clients. |
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agent07
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| Posted: Wed Sep 16, 2009 5:48 am Post subject: |
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| Quote: | | But if you are in bad health you should get the banks ins. |
Are you sure it's as much easy to get this bank insurance as that of any other insurance carrier policy?
He'd need to be absolutely sure that there are no hidden challenges (inexplicable clauses) that his wife would meet in the future. Pinkfloydfan
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Pinkfloydfan
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| Posted: Thu Oct 29, 2009 3:47 am Post subject: |
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Hi..
Your thought is appreciable my friend, I believe Insurance is a tool to safeguard individuals and their families from unfortunate losses that happen in the family.
Good luck..! |
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Nicholas
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| Posted: Mon Nov 16, 2009 12:19 am Post subject: |
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A standard Life Insurance policy should take care of this quickly and easily. you can pick one up from any number of places, and they are among the cheapest types of cover you can get.
You can also get cover which is designed to pay directly to the lender rather than to your estate and only in the amount of your current mortgage . this can work out a little cheaper, but to be honest, you're probably better off with standard life insurance.
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heidrek
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