Articles Editor's Blog Reader Mail

Other Types of Life Insurance - Mortgage & Credit Life Insurance Ankeny IA

The short answer is that you likely shouldn't get Mortgage life insurance. Your bank will make significant efforts to have you buy it, but tell them you are fully insured through your other life insurance coverage. Why would you do that? Because mortgage life insurance through your bank is notoriously expensive for the amount of coverage.

Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
Mr. Gene Mock (RFC®), CEP, CSA
(515) 270-9736
12345 University Ave Ste 319
Clive, IA
Company
Retirement Benefit Administrators
Qualifications
Years of Experience: 30
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Retirement Planning, Medicaid Planning, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

Data Provided by:
T. Scott Nevitt
2928 Ingersoll Avenue
Des Moines, IA
Company
Title: President/Trusted Advisor
Company: CORE Asset Management
Type
Investment Advisor Rep: Yes
Years Experience
Years Experience: 10
Service
Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Medicaid,Life Insurance,Inv

Data Provided by:
Mr. R. John Badger (RFC®), CFP, CHFC, CLU
(515) 224-0596
936 8th Street
West Des Moines, IA
Company
Chartered Financial Services, Ltd.
Qualifications
Education: BS, MS other professional designations
Years of Experience: 37
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
Dirk M. Dixon (RFC®), EA
(515) 285-5546
8033 University Blvd
Clive, IA
Company
Baker & Associates, LLP
Qualifications
Education: Bachelors of Business Administration with an emphasis in Finance from Grand View College 1997.
Years of Experience: 15
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. R. John Badger (RFC®), CFP, CHFC, CLU
(515) 224-0596
936 8th Street
West Des Moines, IA
Company
Chartered Financial Services, Ltd.
Qualifications
Education: BS, MS other professional designations
Years of Experience: 37
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
The Bryton Companies
(515) 226-7605
4902 University
West Des Moines, IA
Alternate Phone Number
515 226-7605
Services
Life Settlement Broker, Viatical Broker

Mr. Gene Mock (RFC®), CEP, CSA
(515) 270-9736
12345 University Ave Ste 319
Clive, IA
Company
Retirement Benefit Administrators
Qualifications
Years of Experience: 30
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Retirement Planning, Medicaid Planning, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

Data Provided by:
Gary L. Ruden (RFC®), LUTCF
(563) 582-4865
325 W. 1st Street
Dubuque, IA
Company
Heartland Investment Associates
Qualifications
Education: BABLS
Years of Experience: 23
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, BuySell, Compensation Plans

Data Provided by:
Data Provided by:

Other Types of Life Insurance - Mortgage & Credit Life Insurance

Provided By: 

Other Types Of Life Insurance

Life insurance makes money for organizations. It's the last insurance most of us ever want to collect on.

The chance of paying out is relatively low and it should be no surprise that other institutions want to offer this to you.

Here are two types of life insurance that you may have been offered:

  1. Mortgage Life Insurance
    The short answer is that you likely shouldn't get Mortgage life insurance. Your bank will make significant efforts to have you buy it, but tell them you are fully insured through your other life insurance coverage. Why would you do that? Because mortgage life insurance through your bank is notoriously expensive for the amount of coverage. Whatever you pay to have your mortgage of $150,000, completely insured through the bank, it will be more than a comparable term policy 9 times out of 10. Just get more term life insurance if you need it.
  2. Credit Card Life Insurance
    Credit card insurance is very expensive coverage for very small amounts. Instead of doing this get more term life insurance . If you don't have term life insurance, get a small policy - you'll find that it's very inexpensive in comparison to the cost of the coverage through the credit card.

    Now, the credit card company will try to sell you the credit card life insurance because "you don't pay if you don't have a balance". Well folks - THEY don't pay you a benefit either if you don't have a balance.

    In general, don't do it.

    ...

Click here to read the rest of this article from Insurance Guide 101

About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap