Home › Forums › Financial Markets/Economics › Mortgage protection insurance- is it worthwhile?
- This topic has 25 replies, 4 voices, and was last updated 14 years, 5 months ago by
kcal09.
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May 22, 2010 at 9:38 PM #17484May 24, 2010 at 8:24 AM #553262
UCGal
ParticipantMy take on mortgage insurance is that it’s not always the best form of insurance.
What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.
Personally – I have term life to pay off the mortgage if I die.
But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.
May 24, 2010 at 8:24 AM #553367ParticipantMy take on mortgage insurance is that it’s not always the best form of insurance.
What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.
Personally – I have term life to pay off the mortgage if I die.
But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.
May 24, 2010 at 8:24 AM #554230ParticipantMy take on mortgage insurance is that it’s not always the best form of insurance.
What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.
Personally – I have term life to pay off the mortgage if I die.
But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.
May 24, 2010 at 8:24 AM #553955ParticipantMy take on mortgage insurance is that it’s not always the best form of insurance.
What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.
Personally – I have term life to pay off the mortgage if I die.
But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.
May 24, 2010 at 8:24 AM #553856ParticipantMy take on mortgage insurance is that it’s not always the best form of insurance.
What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.
Personally – I have term life to pay off the mortgage if I die.
But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.
May 24, 2010 at 12:59 PM #553335kcal09
ParticipantThank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.
May 24, 2010 at 12:59 PM #554304ParticipantThank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.
May 24, 2010 at 12:59 PM #553440ParticipantThank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.
May 24, 2010 at 12:59 PM #554026ParticipantThank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.
May 24, 2010 at 12:59 PM #553929ParticipantThank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.
May 24, 2010 at 2:13 PM #553939luxuryglow
ParticipantKcal09,
Can you tell us what insurance company? worth checking.Thanks.May 24, 2010 at 2:13 PM #554314ParticipantKcal09,
Can you tell us what insurance company? worth checking.Thanks.May 24, 2010 at 2:13 PM #554036ParticipantKcal09,
Can you tell us what insurance company? worth checking.Thanks.May 24, 2010 at 2:13 PM #553450ParticipantKcal09,
Can you tell us what insurance company? worth checking.Thanks. -
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