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Mortgage insurance

Mon Jul 3, 2006 10:07AM | By Tony

See more in Mortgage | Permalink | Email | Comments (0)

Q: What can you advise on mortgage insurance. We recently bought our first house, the mortgage is about $300,000. Letters soliciting mortgage insurance have been coming every week. We got offers on disaster mortgage protection, mortgage accidental death coverage, mortgage life insurance and so on. Is any of these any good? My wife wants to get one. The prices vary drastically, we have seen from $40 to $100 a month.

A: Don't do this. These mortgage death insurances are complicated and end up costing too much money. All the mortgage insurances you mentioned don't make any sense. The only coverage you need is term life insurance. Insure yourselves for the amount that is at minimum in a range from 6 to 8 times of your yearly salaries. If you can, get more. If each of you make $50,000, than each should buy a term life insurance for at least of $300,000. Buy it for 30 years, especially if you are under 30 years. If you smoke, then you should quit, it will save you a lot in premium.

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