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gdsfgds f | Is mortgage protection insurance good idea? |
if not how do i protect my mortgage payments when i loose my job or am ill for 2 years and can't earn money? |
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CHARLES R
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Its a good idea. I just didn't buy it from my bank. The bank's policy names them as the beneficiary.
My policy from manulife names me or my estate beneficiaries. |
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Margarita D
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Your best option is to purchase disability insurance. Many companies offer this through work, i.e. short term and long term disability--the cost is lower, the monthly payment usually encompasses more than just the mortgage (you have to eat too!) and the policy is less restrictive than what you can purchase individually. However, if disability insurance is not offered at work, you can purchase an individual disability policy that is still better than mortgage protection insurance. You should consult a good local agent that specializes in life and health insurance for the best products, options and pricing (if you can't get it at work).
You should also look into life insurance not only at work but also your own individual policy either term or permanent in an amount sufficient to pay off the house, your other debts and provide funds for your family such as a college fund for the kids, etc.
You are wise to look into this now since disability insurance is basically insuring your ability to earn a living which is the most valuable asset that we own. Also FYI I have never met a financial advisor that would discourage their client from purchasing a disability policy--quite to the contrary since it is the underpining of any good financial plan. One of the other posters is suggesting that you take the money you would pay for premium and invest it and have your own fund. The problem with that scenario is that what if you have started saving & investing the money and 4 months later you become disabled from an illness or injury and you have no disability insurance--you only have 4 months of premium saved away--how long do you think that money is going to last? The same is true for life insurance. And most people do not have the knowledge or discipline required to save and appropriately invest their money for the best return. I would rather hedge my bets and purchase both policies.
Good Luck |
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Mortgage Expert
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Mortgage protection insurance is pretty costly. I don't believe in it even though I could make extra money by selling it. So I would advise that you put extra money aside or if you are really concerned about it, I would advise purchasing disability insurance that would cover everything and not just the mortgage. You can also open a home equity line of credit and just don't use it unless a hardship came up. You can then draw from the line of credit to pay all of your bills and not just the mortgage. This is probably the best way since there is no cost if you never use it. This will give you the insurance you need without having to pay for it. |
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DF
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no, it's not a good idea. they're very poor value for money, particularly if bought direct with your mortgage provider. they rarely pay out, take ages to kick in and only last for a short while anyway. |
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dimples_in_nj
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Best solution is to talk to a financial advisor which would discourage any type of mortgage insurance.
The best solution is to build an emergency fund so you reduce the risk of wasting unused premium dollars. Take the amount of premium you would pay towards a mortgage payment and place it in an automatic investment account.
Mortgage insurance sounds attractive however; when you look at the long term it is not cost effective.
Also, if you loose your job for 2 years and feel you would not be able to seek gainful employment within that timeframe you probably should invest in some more education or skills. The investment in yourself will far out-weigh any mortgage protection premium. |
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CEILING CAT!!!
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Yes mortgage protection is a good idea, for exactly the reason you said! |
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MARIA
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its only good if you havent suffered from an illness previous to taking it out. i got caught that way. when you fill in the forms for the insurance you have to tell them of any recent illnesses. i was working when i took mine out and was on medication for depression. had the insurance for about 5 years and became more depressed after a major op, (was off work for 6 months) because id told them i suffered from it in the original form they wouldnt pay out. |
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dimples
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YES ITS A GOOD IDEA |
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Duke75
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Unless you have plenty of savings and can cope with being ill for 2 years then the simplest way is just to get the insurance. |
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Lola
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I'm not sure. The cucumber is stuck inside me. I didn't mean for it to go so far in! |
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