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CluelessOne | What is the type of insurance called that in the event of my spouse's or my death our house is paid off? |
And would you please add a site that can give us information regarding this? Thanks!!!! |
 |
 
Bright Future Penguin
 |
Hi Everyone! Your friendly insurance guy here again! :)
The insurance you are talking about has many names, the most common of which are credit life insurance, mortage insurance, and decreasing benefit term insurance.
What they mean:
You pay a premium for a certain number of years (usually you configure the coverage so it lasts the same number of years as the mortgage). The death benefit starts out equal to the payoff balance of the mortgage and steadily drops as the debt is repaid. As other posters have indicated, the payout from it goes directly to your creditor in most cases.
Another option would be to buy the insurance yourself, as a policy you own not linked to a debt. That way you can get insurance where the death benefit (payout) remains level, and goes to your heirs. They cna pay off the mortgage and have the remainder as an inheritance, say, as a way to leave something extra to your spouse and/or kids.
To the poster who suggested there is no good use for a whole life policy - you do the readership here a disservice by suggesting it. If you are in the industry, you should already know several specific places in which it is the appropriate choice. From a more practical point of view, if you are in the industry, you should consider many times in your career you want to get this phone call:
(ring ring)
You: Hello, XYZ Term-Only-Advisors, may I help you?
Client: It's Jane! John died and our insurance ran out last year, what am I going to do?
You: I'm so sorry. There's nothing I can do, you didn't have insurance when John died.
Client: I can't afford the taxes on the house and the bills and take care of the kids on my salary! You have to help me!
You: Um. Er. Uh.
Yes, term insurance is great. Yes, it's usually just the right thing for protecting a family with a mortgage. Blanket condemnations of permanent insurance are just not fair to the readers or your own clients, though.
Everyone dies, and term insurance is designed so that on average 90% or more of the purchasers either outlive it or let the policy lapse. Term insurance is great to cover a single specific time-sensitive need. Term insurance is not so great as a person's only form of insurance, as it is over 90% likely it will not be in force when they die. |
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Papa John
 |
Mortgage term life insurance. Talk to your life ins. agent and see what might be the most affordable. A term life policy that doesn't necessarily pay off your mortgage may be best. You may decide you don't want the mortgage paid off if something happens. |
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derek
|
Life insurance.
I'd recommend you get a "regular" life insurance policy that allows the money go where you want it (you then get to decide to pay the mortgage off or not) |
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Good♥Gyrl
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You can either get a typical life insurance (whole or term), or buy a specialty mortgage protection plan. With the MP, or sometimes called "decreasing term", the death benefit and premium decrease over the life of the coverage, to adjust for the presumably lower amount due on the mortgage loan, since you're paying if off over time. Not a lot of big insurance companies carry it anymore, because the premiums aren't high and the commissions are low, so agents don't really push it. You can go to any of the insurance sites (Google!) and get quotes. |
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The Advocate
 |
Mortgage Insurance, Decreasing Term Insurance, Survivor Insurance, could be just called... Life Insurance. |
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cope_acetic
|
Mortgage insurance--DO NOT buy it. Straight life insurance is cheaper and your heirs can pay off anything with it. |
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Loollea
 |
mortgage life or credit life, you should contact your mortgage company and ask if they provide this |
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mbrcatz
 |
It's called decreasing term coverage - you pay the same amount every year, but the face value goes down as the mortgage balance goes down.
It's actually more expensive than level term insurance, so if you're thinking about buying insurance, you're better off with level term. It will pay the mortgage balance, and then some, at a lower premium. |
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Peter B
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Mortgage Insurance......but if your house is say worth $200000. Instead of getting mortgage insurance, get a life insurance policy instead for $200000. If you die when your house is 50% paid off, your mortgage insurance will pay $100000.00. Your life insurance would pay $200000.00. As well, once your house is paid off, you have nothing left, but the life insurance would still be there. To get a mortgage, they can insist on insurance, but it does not have to be mortgage insurance. |
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Sharron S
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mortgage insurance |
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troythom
|
There are several different names for it. Credit life, mortgage life insurance, etc... Talk to your insurance company about the best options. |
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www.precisionwealth.com
|
The type of life insurance you are inquiring about is primarily called Mortgage Protection Insurance. It basically will pay off the remainder of your mortgage in the event of one of you passing away. A very good alternative would be to purchase a normal 30 year term policy that has a level death benefit for about the same price. In addition you might take a look at a more permanent policy that offers more benefits in the long run than term or mortgage protection insurance. Good luck and check out my website for more helpful hints at www.precisionwealth.com. Take care.
~Dennis |
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nokhada5
|
Life insurance, possibly? State Farm carries it. Several other places do as well
These guys give several quotes at once.
www.intelliquote.com |
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Surveyor
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Credit Life or just plain Life insurance. |
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40yomama
 |
you can purchase this insurance (called credit life) to cover just about any debt: mortgage, auto loan, credit card...
I would contract your lender first (whoever your mortgage holder is - Countrywide,etc.) , then contact your property/casualty agent for comparison.
However, I'm not convinced this is the best way to go. Depending on your ages and health status, it might be cheaper to purchase term life insurance. This is often used to pay off debts if one or the other spouse dies.
Good luck! |
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TheFreshMaker
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"mortgage life insurance".. but it's pretty limited, only the mortgage company gets the money, and rates will be higher compared to what you can get on your own.
You and your spouse should seriously consider Term Life insurance.. it is dirt cheap these days, and can put a lot more cash in your pocket for the premiums.
$250,000 term life over a 20-yr term for a 30-something year old non-smoker is like $11-$15 a month in premiums! Cheap!
Get some quotes and more info on Term Life.. you'll be pleasantly surprised.
Don't let anybody talk you into Whole (Permanent) Life.. the only one that benefits there is the insurance Salesman. |
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