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Annette Said:

Is mortgage protection insurance a good idea or is it a scam?

We Answered:

If you are talking about private mortgage insurance, no and besides it is required by the lender if you have less than 20% equity.

If you are talking about separate insurance to cover your mortgage payment if you were to lose your job, get hurt, etc than it is a toss up. I can't say I know of anyone that has actually bought it and I am a Realtor. In theory it sounds reasonable but I am not sure if it is worth it in the big picture of things.

Lillie Said:

Mortgage Protection Insurance/Optional Insurance Premium?

We Answered:

Ask them?

All joking aside, privacy laws would preclude an insurance company from disclosing it to any Joe on the street.

Tommy Said:

does life insurance and mortgage protection py the bills after death?

We Answered:

Let's look at each product.

Mortgage life insurance, pays the LENDER, if the insured person dies. If you get a JOINT policy, sometimes BOTH of you must die, to get the mortgage paid. I'm not a fan of this product - why protect the LENDER? Also, although the price is level, the amount of coverage goes DOWN, as you pay your mortgage off. It's expensive.

Life insurance, pays whomever you name as beneficiary, if you die. That beneficiary can use the money any way they want - including to pay bills.

If you're going to get regular life insurance, get enough to pay off the mortgage, AND pay bills. It's much cheaper, and you're not buying coverage that only protects the LENDER.

Wilma Said:

Have you tried to claim mortgage protection insurance from a standard Halifax policy ?

We Answered:

I would check the exclusions on the policy and see what it says.

But either way I would have thought that you would need to provide proof - so if it excludes dismissal and you were sacked then you cant claim anyway.

Penny Said:

Has anyone ever worked for NAA - Mortgage Protection Insurance Company?

We Answered:

Maybe You should google it at first hand ,nevertheless, if you like some direct resource ,here should be helpful.http://www.insuranceideas.info

June Said:

Mortgage protection insurance?

We Answered:

Can't you just get life insurance?
If you die, the proceeds can be used by your dependents to pay for the mortgage.
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