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Phillip Said:

What sort of Life assurance / mortgage cover do i need?

We Answered:

You need a level term insurance policy to run the length of time your mortgage is left. Options you also have are
Joint life first death - Meaning one policy with two people on it and the first person to die the money pays out and policy ends.
Two Single Policies - For a small price more you can have a single policy of which when the one who owns the policy dies the money is paid out. The benefit of this is that something happens the both of you twice the money is paid out (two policies two pay outs) and someone else benefits ie children
Just don't take out cover for the amount of your mortgage but consider - do you have loans, burial expenses, and money to recover from the lost of an income???
Just dont pick the cheapest policy but the company who seeks to pay out without little if any red tape. After all you pay insurance to claim on should something happens. Any problems contact me Life Insurance Specialist - goodfinances@hotmail.co.uk

Nicole Said:

looking for a mortgage life insurance policy that refunds premium at end of mortgage if not needed.?

We Answered:

I don't think you're going to find one. Once an insurer agrees to cover you, the premium is considered "earned" by the company, regardless of whether or not a claim is paid. Just like auto insurance.

Alfredo Said:

URGENT HELP!!! Life insurance for re-mortgage?

We Answered:

Normally the life insurance coverage offered through the mortgage company is very expensive and is usually a decreasing term life insurance product meaning that as you pay down the balance on the mortgage the life insurance company's risk is actually going down. A better product would be purchasing a level term life insurance product. At the same time it would be good if you did a full needs analysis so that you can purchase sufficient coverage so that in the event of your premature death there would be enough money to pay off the mortgage, pay off all of your other outstanding debts, pay any last medical bills, pay the cost of your funeral, and if you have dependents set up funds for them.

Basically my advice is for you to see an agent that specializes in life insurance or a financial planner that can assist you with focusing your goals and providing the coverage that you need at a competitive rate--the mortgage company is only interested in selling a product that ultimately only benefits them.

I hope this information helps. Good Luck

Cindy Said:

i suffer from depression & was suicidal for a while, but now im tryin to get a mortgage & need life insurance?

We Answered:

You should contact an insurance broker who has experience with underwriting on cases. Offers with a suicide history will range from standard to decline depending on your personal history. Because companies don't like to publish their underwriting guidelines on mental illness to their brokers, your risk will be difficult to place.

Here's what the best case scenario will generally look like: your depression is situational, no medications or stable on 1 or 2 medications for over 2 years, no history of addiction or other conditions, no hospitalization, continued follow-up with psychologist.

Armando Said:

Life Insurance for mortgage?

We Answered:

No, you do not have to have life insurance. Your friend should request that whomever is telling him that put it in writing. And then he needs to find a different lender.