Term Insurance IS Mortgage Insurance
Many independent writers on life insurance, think they knew the answer to sometimes complex questions.
So they set themselves up as experts. As you will see in the quoted paragraph below, this writer refers to "mortgage insurance should only be part" and recommends "getting term insurance as well." Hello? mortgage insurance IS term insurance. It is called "mortgage insurance" because the amount of the insurance matches the amount of the mortgage! And that's the only reason why. Read article The Simple Life.. of Mortgage Insurance.
So they set themselves up as experts. As you will see in the quoted paragraph below, this writer refers to "mortgage insurance should only be part" and recommends "getting term insurance as well." Hello? mortgage insurance IS term insurance. It is called "mortgage insurance" because the amount of the insurance matches the amount of the mortgage! And that's the only reason why. Read article The Simple Life.. of Mortgage Insurance.
posted by Ivon T. Hughes at 1:22 PM
3 Comments:
Besides mortgage insurance just matching the length of the mortgage, they also can be setup to have a decreasing death benefit, which is different from traditional term life products (level term). So if a person thinks that their need for mortgage life insurance will decrease over time (since they're paying down the mortgage), they can have a policy that decreases the face amount in time. (Hence, the rule of decreasing responsibility). People may think that this will decrease their cost of insurance. Consumers must do their own investigation because some mortgage life insurance plans can still cost more than a traditional level term policy.
Life-Assurance-Guide.com-a consumer guide to buying life insurance
Thanks for this great post. You've got some really good info in your blog. If you get a chance, you can check out my blog on
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Mary Anne Martin
http://www.mortgageinsurance4less.com
Learn about the uk version of pmi - mppi here
http://www.life-assurance-bureau.co.uk/family-finance/2006/01/18/mortgage-payment-insurance-what%e2%80%99s-it-all-about/
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