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Marlene Said:

If i have life insurance with my employer, can I claim for a separate mortgage insurance with critical illness

We Answered:

Yes, there is no limit to the number of life policies you can have. However, the insurance company will want to know about the other policies before issuing a new policy. If you have too many policies that add up to a very high payout for your beneficiaries they'll wonder if you're planning on doing yourself in. For example, if you are making $30,000 per year and all of a sudden try to get several life policies that add up to $5 million they won't sell you the policies.

Fred Said:

What is the best insurance to get for a new mortgage? Income protection? Life assuance? critical illness?

We Answered:

lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.

Gertrude Said:

What is a good insurance to help with my mortgage?

We Answered:

1. Mortgage life costs more, and ONLY pays the balance of the mortgage. It's effectively DECREASING TERM life insurance, and protects the LENDER. So, regular life insurance is much, much better - the beneficiary gets the FULL amount, not just the payoff amount, AND, it's cheaper coverage.

2. I have life insurance, because I have small children. I have 20 year term, renewable and convertable, but don't plan on renewing or converting it. I plan on being self insured after the 20 years are up.

Sounds like you want a JOINT life insurance policy - I'm not sure if anyone is still selling them any more. Disability, is a SEPERATE policy. If you want a lump sum - or the EXCESS, if the mortgage is paid off, you DEFINATELY don't want mortgage life insurance. REgarding your "desired price" - it very well might not be realisitc, for a guy in his late 40's, PLUS his spouse, assuming $200,000 of coverage for each.

Don't bother getting 'sites' for quotes - those numbers are just made up. They are trying to harvest your personal information, or steer you to a particular insurance company, so they're a waste of your time.

Go talk to a local agent - start with the guy providing that house insurance for the house in question, and if he doesn't do life insurance, he can give you a referral to a LOCAL agent who does.

Wendy Said:

Personal Finance, Life Insurance Planning?

We Answered:

They each need a $400,000 20 year term. I would also dump the cash value policy after i got the term in place. Also don't go for the offer in the mail you can do better finding a company online.

Sherry Said:

I am 26 yrs old, single with no children, taking out a mortgage. What insurance do I need?

We Answered:

Some of the pricing estimates being thrown around here seem a little high! Yes, life insurance may seem un-necessary if you have no-one to leave the house to. What you might want to think about though is what might happen down the road. Are you saying you wish to remain single with no children?

If you develop a medical condition (I'm assuming you don't have one now) between now and the time you DO actually want life insurance then your premiums will be much higher and you may even be turned down for cover.

And even though you get sick pay, critical illness cover is often much cheaper than you think and means you won't get kicked out your flat if you get something like cancer.

Keith Said:

life insurance?

We Answered:

I think that it definitely was wise of you to get an insurance policy. Sounds like you are planning for the "just in case" in life. If your children are young, you may want to appoint an executor to your estate in your will. You can name your husband, or if in the case he predeceases you, some trustworthy, informed third party - like a lawyer or preferably someone with no vested interest.

Then you can set up a trust for the kids and designate the trust and your husband as the beneficiaries of the life insurance policy. That way you can hold back those funds until they are older (at some specified age), or designate that a certain portion of the proceeds are used to pay off your mortgage, etc. depending on your preferences.

Talk to a lawyer about your will and an estate planner. Don't worry if you don't think you have enough assets for an estate planner. There are all levels of advice. Even some asset managers, like Vanguard and Fidelity, also provide estate planning advice.

Lastly, I don't think you should favor your biological son over the other kids if you love them equally, it would just create tension between them in the end.