Iniard Watch

Thursday, March 31, 2005

Mortgage Insurance

I have been bombarded with offers lately by my mortgage company for mortgage protection insurance. This is insurance that would pay off the mortgage in the event of my or my lovely wife's untimely departure from this world. I usually ignore these kind of things, but since I am investigating increasing my life insurance coverage, I thought I would enteratain the offer out of curiousity.

The bottom line is that for $36 a month, conveniently added to my house payment, they would pay off the mortgage. For the same amount per month, I could get a 20 year term life insurance policy for almost 3 times the amount of my mortgage!! The offer by my mortgage company is a RIP!!

I told the guy on the phone how for the same amount per month I could get a lot more coverage. His response was that I may have to get a physical with a typical life insurance policy and I would not have the convenience of it being added to the house payment. Like that would make it worth paying twice as much for half the coverage!!

5 Comments:

  • I have been down this road a couple of years ago when I refinanced. I had the guy call for more information, and wasn't impressed. At least with my life insurance, it draws interst and I can borrow off it, it doesnt seem as if I'm just throwing my money away.

    By Blogger bschneider5, at 1:38 PM  

  • Nice posts. Check out my site http://mortgage.27days27gurus.com/ if you get a chance. 1st mortgage

    By Blogger De Post Man, at 3:57 PM  

  • Hello, just viewed your site. I think it is really nice and interesting. If you're interested you can view my low carb plan. Its a tlow carb plan site. Have a good day!

    By Blogger Robert Parr, at 4:07 PM  

  • Hello, just viewed your site. I think it is really nice and interesting. If you're interested you can view my lose weight. Its a tlose weight site. Have a good day!

    By Blogger Roxo, at 11:04 PM  

  • Hi thanks for your blog, I liked it! I also have a blog/site about mortgage calc that covers mortgage calc related stuff. Please feel free to visit.

    By Blogger Mortgage Center, at 8:22 PM  

Post a Comment

<< Home