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Bessie Said:

Is mortgage disability insurance a good idea?

We Answered:

I would get whole life insurance outside of our employers program. Many times there is disability coverage, plus there is a cash value on whole life that can be borrowed against in the future for loans to yourself, like for other real estate purchases. If you're a non-smoker with no DUI's on your record its only like $25 per month. Money well spent!

Betty Said:

I want to take a mortgage life insurance plan. Please tell me what is that?

We Answered:

Mortgage life insurance plan is a form of decreasing term life insurance. This policy pays off your mortgage if you die. It is generally available to cover a range of mortgage repayment periods for example, 15, 20, 25, or 30 years and the payment period of Insurance premium may be shorter than the period of insurance coverage.

Carol Said:

what is the difference between life insurance and mortgage insurance, if any?

We Answered:

Mortgage insurance ONLY pays off the mortgage (so therefore the amount of coverage decreases over time). Life insurance will pay the full face value in cash. SO, if the beneficiary decides that it's in his/her best interest to pay off the mortgage they could do so. OR, if they prefer to keep the mortgage to keep the interest deduction for tax purposes they could decide to invest the money and draw an income from it.

The life insurance is more flexible and not tied to the mortgage and the better choice 99 times out of 100.

Jordan Said:

Is it better financially to cash in a mortgage life/house insurance policy second hand or direct?

We Answered:

You normally get a better deal second hand
Try to get advicee before you do it because, depending on how long it has left to run, there may be a good and bad time to cash in


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