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| mortgage insurance http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=44404 |
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| Author: | fran [ Sun Feb 05, 2012 12:33 am ] |
| Post subject: | mortgage insurance |
What do people think about mortgage insurance? do you really think that this is necessary for an additional 100 bucks a month, especially of you have life insurance policies? thanks for your input. |
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| Author: | Deep [ Sun Feb 05, 2012 5:11 am ] |
| Post subject: | Re: mortgage insurance |
Nope - If you are worried about it, get term life insurance to cover the amount of the mortgage, or whole life if you want. Mortgage insurance is an insurance that gives you less coverage as time goes on for the same money - a useless and scam type insurance. |
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| Author: | PaulMeredith [ Sun Feb 05, 2012 5:29 pm ] |
| Post subject: | Re: mortgage insurance |
What Deep said is correct, although calling it a scam is a little extreme. It isn't a scam, but at the same time, there are better insurance options. The problem with mortgage insurance is that your payments remain the same, yet the pay out you would receive is continually decreasing should you find yourself in the unfortunate situation where you have to make a claim. Not really a 'fair' situation for the person taking out the insurance for that reason alone. I would strongly recommend speaking to an insurance agent before taking out mortgage life insurance. Your mortgage broker (or bank of course) makes money on this, so they may try to 'sell' it to you. Just be sure you speak to an insurance agent regarding other options before signing on the dotted line for mortgage insurance. (mortgage life insurance is not to be confused with CMHC mortgage default insurance). |
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| Author: | Deep [ Sun Feb 05, 2012 10:00 pm ] |
| Post subject: | Re: mortgage insurance |
Well, it's a scam to me - If you get less coverage, your premium should decrease. Term life would be at least half, if not 75% less. I pay $20 for $250,000 Term 10, plus I have a whole life policy for $65. Either is a better option... |
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| Author: | fran [ Sun Feb 05, 2012 10:33 pm ] |
| Post subject: | Re: mortgage insurance |
yeah, the bank is asking 110 dollars for a 330 000 mortgage. sounds like a rip. |
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| Author: | Starbaby55 [ Mon Feb 06, 2012 6:20 pm ] |
| Post subject: | Re: mortgage insurance |
You should inquire about permanent (or term) insurance. Depending on your age, you'll likely get better coverage for A LOT cheaper. I have 250K worth of permanent insurance to act as coverage for my mortgage incase something happens to me. |
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| Author: | fugee [ Tue Feb 07, 2012 11:49 am ] |
| Post subject: | Re: mortgage insurance |
http://www.cbc.ca/marketplace/in_denial/ This has been posted before...it gives you a pretty good insight in creditor life insurance. mat |
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