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Other Types of Life Insurance - Mortgage & Credit Life Insurance Kalispell MT

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.

New York Life
(406) 471-3377
2602 US Highway 2 East
Kalispell, MT
Alternate Phone Number
406-471-3377
Services
Life Insurance, Financial Planning, Financial Services Professional, Retirement Planning, Investments

New York Life
(406) 471-3377
2602 US Highway 2 East
Kalispell, MT
Alternate Phone Number
406-471-3377
Services
Life Insurance, Financial Planning, Financial Services Professional, Retirement Planning, Investments

American National Insurance Co
(406) 752-8088
1325 US Highway 2 W
Kalispell, MT
 
John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
Citizens Insurance
(406) 758-8220
490 W Reserve Dr
Kalispell, MT
 
Data Provided by:

Other Types of Life Insurance - Mortgage & Credit Life Insurance

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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.

    ...

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Montana Predatory & Subprime Mortgage Lending Regulations

Flipping Banned: No

Negative Amortization Banned: No

Prepayment Penalties Banned: No

Financing Credit Insurance Banned: No

Consumer Credit Counseling Provision:

High Debt to Income Ratio Provision:

Source: http://www.ncsl.org

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