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Jack Said:

Can I transfer a mortgage protection policy I have paid for 15 years into a life or any other type of policy?

We Answered:

I don't believe you can transfer the premium. Sometimes insurance co will let you convert term policy to whole life policy. However, if it's allowed, it will say so on the policy itself. You are better off canceling the mortgage protection and shop around for regular life insurance policy. I used reliaquote.com before and found it very reliable.

Marilyn Said:

Are mortgage protection policy premiums refunded if you don't claim?

We Answered:

This sounds like the real estate version of whole life instead of term. You build equity in the policy and if never used then you get to cash out. The trick is, you build very little equity compared to what you pay in. You may only get back 5%-10% of your investment. This is a very poor investment unless you are planning on becoming disabled or dieing in the near future.

Take the extra money you would spend on this insurance and put it in a savings account.