Mortgage protection insurance- is it worthwhile?

[kcal09]

I recently refinanced my home and a few weeks later received several offers to buy a mortgage protection insurance. One of them even offered a money-back option which would return all of the premium if benefits are not used. Does anybody have experience with this kind of insurance and do you think it’s worthwhile?

[UCGal]

My 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.

[UCGal]

My 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.

[UCGal]

My 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.

[UCGal]

My 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.

[UCGal]

My 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.

[kcal09]

Thank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.

[kcal09]

Thank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.

[kcal09]

Thank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.

[kcal09]

Thank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.

[kcal09]

Thank you!I guess it all depends on how much the premium is. The policy would also cover disability and unemployment.

[luxuryglow]

Kcal09,
Can you tell us what insurance company? worth checking.Thanks.

[luxuryglow]

Kcal09,
Can you tell us what insurance company? worth checking.Thanks.

[luxuryglow]

Kcal09,
Can you tell us what insurance company? worth checking.Thanks.

[luxuryglow]

Kcal09,
Can you tell us what insurance company? worth checking.Thanks.

[Author]

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