Other Types of Life Insurance - Mortgage & Credit Life Insurance Dover NH
Compass Financial Group
Education: A graduate of the Indiana University of Pennsylvania earning a Bachelors of Science (B.S.)degree in psychology
Years of Experience: 21
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Asset Protection, Compensation Plans
Northeast Planning Associates, Inc.
Years of Experience: 11
Invoice, Estate Planning, Retirement Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance
Other Types of Life Insurance - Mortgage & Credit Life Insurance
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:
- 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.
- 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.