Senin, 23 Februari 2009

About Mortgage Life Insurance

Owning a home is a dream for most of us, although it is an expensive
one. The monthly payments usually take up a big slice of our monthly
income, and the sudden loss in the event of you or your spouse's early
death may leave your survivors unable to make payments. To make your
family is protected from financial hardship, consider Pick-a-Term
Mortgage Protection insurance.

Pick-a-Term Mortgage Protection has a descreasing death benefit to
match your mortgage balance at the beginning of each year. And because
the death benefit decreases along with your mortgage balance, the cost
of Pick-a-Term is less expensive when compared to non decreasing term
life insurance.

Life Insurance: Decreasing Or Not?

If you go to your local bank, along with the mortgage they will try
and sell you what they call "mortgage insurance". This is not
"mortgage insurance" but "life insurance" where they protect
themselves by having you buy their policy. You need to be clear how
this operates; you are paying for an expensive policy which they own
and in which they are the beneficary. Further, the amount of the
policy decreases though the premium remains the same. If they
decreased the premium along the coverage, it may not be too bad, but
they don't. The way it is now the policy decreases, you pay for it,
they own it, control it and will benefit from it.

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