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
Answered By: working woman - 11/12/2006
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