Mortgage Insurnace of TERM LIFE

lullabella Posted: Aug 04, 2004 10:54 AM

Mortgage Insurnace of TERM LIFE

Hi~
My parents are trying to decide on which one. Does anyone know anything about mortgage insurnace? or have any insight on which is better.

Edited to say:

Meaning if you die they pay off your mortgage instead of paying you directly.

Kriss2c Posted: Aug 04, 2004 10:58 AM

Re: Mortgage Insurnace of TERM LIFE

Not sure what you mean by mortgage insurance... is it like credit insurance... something happens to you, they'll make your payments??

If that's what it is then.... I think you really can't compare them. One is only payable upon your death, the other benefits you even if you are just hurt or out of work.

Kriss2c Posted: Aug 04, 2004 01:02 PM

Re: Mortgage Insurnace of TERM LIFE

I would go with term life instead.... there is not a variable. Who knows what shape the house will be in at the time of their demise. Plus, by the time they pass on their mortgage could be a done deal.