home insurance scams
Death and disability mortgage insurance?
My husband and I just bought our first house. Now we must continue to receive mail from all companies different saying that qualify for this "death and disability insurance. Sounds like a good thing to keep in a case of us dies or is incapacitated, but either we need this insurance or a scam?
If it is "mortgage" or "creditor insurance offered by the loan company (IE: the bank or whatever), do not understand. These things usually is not covered by insurance advice and do your subscription at the time of the claim, which means you can pay it for as long as neither dies sometimes not being paid. The bank is more or less sure that they are paid either by you or the company insurance. In addition, most lenders are not licensed to sell insurance and are very rarely, even training on the difference between the different insurance. The Term insurance is a far superior product and have never seen a single comparison shows that credit insurance is better than long term. You have full control over what happens with her. They make the subscription of up front and decides who gets the money, so if that person does not want to put the money toward debt, can be used for anything else, such as putting their children to school or something. Check out the sources for videos and comparisons of cases where not paying mortgage insurance and how to Term Life is better. If that's not enough Google search for something like the "Term vs. Mortgage Insurance" or "term insurance against credit" I bet you you will not find an article that says legitimate term is less than the mortgage insurance. Contact a licensed insurance broker (someone who has access to multiple companies) and will shop around for the best Term insurance coverage for you.
