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hello | Should I get Mortgage Life Insurance? (If I die, my mortgage is paid for.)? |
It costs $2.43 per week for 24 years. I live with my boyfriend and he has bad credit. If I died he wouldn't get approved for a mortgage, so he would be forced to sell the house.
Additional Details
It costs $2.43 per week for 24 years. (It is this price because of my age/health.) I live with my boyfriend and he has bad credit. If I died he wouldn't get approved for a mortgage, so he would be forced to sell the house and probably get an apartment.
I am 27 yrs old and in good health, exercise regularly. I plan to live in the house for a long time. My boyfriend and I plan to live together forever, we don't want to get married. If we break up I can always cancel the life insurance. I would be getting the insurance to protect him so he wouldn't be homeless if I should die prematurely. |
 |
 
Laissez-Faire Guy
 |
Think of it this way. What you are essentially buying is Term Life Insurance for the amount of your remaining mortgage, where the mortgage company will be the beneficiary.
The first thing I noticed is your insurance payment remains constant, while the payout declines over time.
I would recommend you shop for Term Life insurance.
I did a quick instant quote on insure.com, using your age and that you are in perfect health and didn't smoke, and that you needed a $200,000 term life policy. The best rate I came up with was $14 a month. That gives you something to gauge by.
If you are in similar circumstances, your quoted cost of $2.43 is a good deal, until the mortgage balance declines to maybe $150k or less. Just make sure you can cancel it at any time. |
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Hadley
 |
Yes - It is a good idea to get insurance protection for your mortgage. Your boyfriend is a lucky man to have a thoughtful, conscientious girlfriend.
Mortgage life insurance protects your mortgage only. The amount of insurance protection decreases over time, in line with the amount of your outstanding mortgage balance.
The rate does appear reasonable; however, it is always good to compare rates. I would recommend you compare level term life insurance rates for the period of your mortgage - 20 or 30 years. You may find these rates to be reasonable and provide benefits that remain level for the entire policy term. That way, if things change, you have full life insurance coverage that will not decrease, even if you become ill.
You can compare the five best life insurance quotes from leading insurers including Prudential, Metlife, AIG, Allstate, State Farm and many more at http://www.insureme.com/landing.aspx?Refby=613403&Type=life
I hope that helps! Take care and good luck choosing the right policy to meet your needs. |
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xpo158
|
Just like many others have answered, Mortgage Life Insurance is just a form of Term Life Insurance. It's called a decreasing death benefit. -- Logically you would be paying your mortgage down. and the insurance death benefit will do the same.
Also like others, I recommend shopping for your own level death benefit life insurance policy. You can shop online, but I would recommend asking close friends and family who they work with -- the insurance advisor/agent should be someone you can create a good relationship with. What if you need additional insurance later on down the line because of children, other expenses, etc.... You need to know that the agent will still be there to help. |
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anirbas
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Mortgage Life insurance only covers the mortgage. If your bf is the person you are protecting then he should be paying for your insurance. This is intended to protect dependents. If you consider him your dependent and he is unreliable financially then you need to ensure that you protect yourself.
The cost of this is minimal - $3,000 over the life of the loan. If it makes you feel better, it is a reasonable way to spend $3 a week.
Richard is referring to PMI (which protects the lender). |
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rottentothecore
|
If you take mortgage insurance
and put down your lowsy b/f
as a benificary ,he doesn;t need a mortgage
the house will go to him paid / if you die !
don;t you have a brother or sister to will the house too.
even your parents are better than your b/f. |
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Dolly F
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I took my mortgage Life Insurance thru them,
"http://www.kqzyfj.com/email-1961891-1... |
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Richard B
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That depends on you. I would question a plan which is only $2.34 a week. Typically, the rate is around $100, depending on your loan amount ($150,000-$200,000). Now, if you are buying a new home and are putting down less than 20% you will be required by the lender to get mortgage insurance. This is personal choice, really. Do you think you may die before the loan will be paid off? Are you looking out for your children or spouse? Are you going to live in that house for more than 7 years? These are all questions you need to ask yourself. If you are not going to live in that house for long, then I would suggest you do not get it unless you fell death in that time is going to come upon you. |
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mbrcatz
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No. You're much better off getting a term life insurance policy, and naming him beneficiary. You want to get enough to pay off the mortgage. $100,000 will probably cost you about $100 a year - which, btw, is cheaper than the mortgage life insurance. AND the face value doesn't decrease, which the MLI will. |
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