[question authority]

Hi--

I just bought a new house and am getting solicitations for mortgage insurance if I kick the bucket. I don't want my wife to have to be burdened by mortgage debt. Had thought about getting term life insurance to cover the mortgage amount, what's the better approach??

[labman]

Probabally the cheapest thing is to search the net for a good deal on term insurance. Also pick through your mortgage contract and see if you have already paid for it. It is often required.

[jonesy]

Mortgage Protection Insurance is the same thing as decreasing term life insurance. The benefit amount decreases over the term of your mortgage. It's typically cheaper to do this through an insurance company as insurance is their thing and loans is a mortgage company's thing.

[AtlantaTaxExpert]

BLUF: Mortgage insurance is a rip-off!

It is generally OVERPRICED and serves to protect the mortgage company, NOT the homeowner.

With what you pay in premiums for mortgage insurance, you could get decreasing term insurance for 3-to-5 times the coverage amount.

You can use NetQuote noted below Cyberbjorne, or call your independent insurance agent to get good term life insurance.

[plyinsmn]

Hi--

I just bought a new house and am getting solicitations for mortgage insurance if I kick the bucket. I don't want my wife to have to be burdened by mortgage debt. Had thought about getting term life insurance to cover the mortgage amount, what's the better approach???

Mortgage insurance is term life insurance. Same thing. Some companies chare more for this insurance bwecause they issue it w/o a medical exam

[plyinsmn]

The tax expert doesn't know what he is talking about. Reducing term is the bigggest fraud in the insurance industry. Mortgage insurance is term insurance . It was given the name by the company in order for the pulic to know what their buying. The rates are the same and the coverage doesn't go down. If you kick the bucket your wifew will need more that what is left in the life insurance. Taxes, Repairs, for example. Buy term invest the rest. There is mortgage term insurance that will return all your premium if you don't kick the bucket for the term of the policy.

[rnmartinez]

I think a very important part of this is missing - with mortgage life insurance, the lending institution rarely asks any medical questions, but at the same time they require full disclosure of your medical history. If you were to pass away, then they would want medical information, and could potentially deny your claim. Any life insurance that does not require detailed medical information can be a crapshoot