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Mortgage Life Insurance: Are
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Mortgage Life Insurance: Are
They Worth It?
Mortgage
life insurance guarantees that all the
remaining mortgage balance will be paid
off in case you die within the term.
The more common type of mortgage life
insurance is the decreasing term where the
amount of mortgage balance is followed by
the mortgage life insurance. Meaning, as
the mortgage obligation decreases, the
amount of insurance also decreases. If the
policy holder dies within the term, the
amount of insurance is sufficient to pay
off the remainder of the mortgage. This is
quite advantageous to many because it
removes the family from the additional
burden of paying the remaining mortgage in
the event the policyholder dies. The
insurance will pay the lender whatever
amount is left for the mortgage.
The coverage of the decreasing term
insurance is usually taken out over the
term of the mortgage. Hence if you have a
15-year mortgage, the insurance term is
also 15 years; and the payment is also
within the same period. The insurance
becomes null and void, however, once the
policy has expired. So if you are still
living at the end of your policy, no
payout should be received. This is already
good tradeoff since your home and family
is completely protected during the life of
the mortgage.
Is there another way to get my home
protected but at the same time, get back
the amount I have paid for the insurance
should I still be living after the
mortgage?
There is one type of mortgage insurance
wherein you can get the total amount of
what you have paid for the entire term tax
free: return premium policy. This is much
more expensive than the simple term life
insurance policy, and you have to keep it
for the whole term. While this is not
recommended to people who are uncertain
that they can sustain the insurance
payments, return premium policy is best
since you keep your home and family
protected for the whole term and at the
same time, receive a sum of what you paid
after the policy expires. So if you pay
$60 a month ($720 a year) for a return
premium policy, you will get $14,400 after
20 years (if the mortgage is 20 years);
100% of what you paid.
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More
information here about insurance
when building your own
house:
Insurance for Fire Only
In this present age of disasters and unforeseen events occurring, it is important to have a good, quality insurance plan. That is why insurance companies have policies that cover car damage, property, house insurance (fire only, robbery, etc.) personal self, and even life insurance. These insurance plans usually allow the owner to be less worried and concerned about damages to the car, property, or whatever it is he insures, including his own life, since there will be just and proper compensation for damages and/or losses. .......
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