Search SEARCH

mortgage payment protection insurance question?

Is this practically the same as term life except ins co will only pay the outstanding principal? As far as the ins premium goes, would they use the same scale that varies by age and pysical condition? Would they also cover disability, loss of jobs, etc?

Asked By: spot - 11/10/2006
Best Answer - Chosen by Asker
A mortgage life insurance policy offered through your lender is a group term policy that pays using EITHER an amortization schedule OR by using the outstanding balance at the date of death, minus outstanding late fees... More
Answered By: Suzanne - 11/10/2006
Additional Answers (6)
I think is better if you call you insurance company. PMI cover if you can not pay any more you mortgage.
Answered By: Elizu - 11/10/2006
 
It is BAD, BAD, BAD.......don't sign up for it.....it's the newest way sub prime lenders have to get an extra 100 bucks a month. The benefits are actually misleading.....and they don't pay off the mortgage balance......they pay the monthly payment for a finite period of time. IT IS a joke... More
Answered By: Paula M - 11/10/2006
 
the company I work for offers the term type insurance that you look like you are looking for... More
Answered By: rahnside - 11/10/2006
 
it works as same as life insurance but only person benefits out of it is your mtg. co. they get paid for the balance of mtg. it does not cover disability etc. best thing is to get your own life insurance it could be term insurance for 10 or 20 or 30 yrs with your immediate family as the beneficiary. if any thing... More
Answered By: Jinha - 11/10/2006
 
PMI is something you have to pay extra with your regular monthly mortgage payments because you did not put down atleast a 20% downpayment on the mortgage loan. This is something all banks use...basically you are paying for insurance for the bank that if you decide to not make payments the bank doesnt lose any money.
Answered By: Gaily - 11/10/2006
 
I agree with Paula. The benefits go down with the amount you owe. Why not buy a term life policy that costs the same but the benefits don't decrease? I can usually get a 20 year term for a lower premium that credit life insurance, and it has much better benefits for your beneficiary. Talk to a good agent that looks... More
Source(s):
Answered By: working woman - 11/12/2006
 
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Click. Search. Apply. Free!
www.JobDiagnosis.com
Jobs hiring near your local area. Part-time, Full-time, Work at home.
www.HiringLocally.com
Sobre 287 Trabajos en tu area. $15-87/hora - Aplica Ahora.
JobsToLatinos.com

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-202
eTrustLogo