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Home Ownership Made Easy
260 hits
| Feb 17, 2004 10:16 pm |
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re: re: re: Mortgage Insurance Vs Life Insurance (Permanent or Term) |
Angelo Cerase
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Hi Micheal,
Thanks for the reply, I agree that having a choice between whole life, universal life, or term life insurance is very important. However I'd like to point out one thing. You said that one advantage of the bank's mortgage insurance is that the mortgage is paid off. Well, with your own person insurance your beneficiary will ideally have more than enough to cover your mortgage, IF that is what they want to do. What if there are more pressing issues? What if they want to use the money to start a business for example, or pay for some other relative's surgery in the US? The point is that with an insurance policy that you own and control (compared to the bank being in control) your beneficiaries can do whatever they want with the money. THEY are in contol, not the bank.
Angelo
> Michael Keong wrote:
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>Angelo ,
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>I agree with you that a Permanent Life insurance or Universal Life Insurance takes precedence over mortgage insurance. The only added benefit that a mortgage insurance has is that the family you leave behind for an untimely death would not be burdened with a mortgage.The property becomes free and clear.
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>Michael.
Private Reply to Angelo Cerase (new win) |
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