City Hall Los Angeles

Mortgage Life Insurance Shopping

You thought you were finished signing the papers, but suddenly you are handed an insurance application asking you to confirm you are healthy and offering to pay off your mortgage in the case of your death. And if you're like most people, you sign it and think nothing of the cost as the quote is a low weekly or monthly figure. For most people that's a mistake, as they don't realize that a personal mortgage life insurance policy can cost a lot less and offer you a lot more.

But What Does "Mortgage Life Insurance" Mean ?

Mortgage life insurance you purchase through your bank is a group policy between two parties - the bank and an insurance company. You, in any way, are not a party to this contract. That means that the benefits you get as a member of the group - like having your mortgage paid off if you die - end the moment you stop being a member of the group, i.e. you stop paying or if you move your mortgage.

A personal mortgage life insurance policy is yours regardless of which bank or lender your mortgage is with. Mortgage brokers offer mortgage life insurance to clients but often encourage them to look into getting personal insurance instead.

Why Personal Mortgage Life Insurance?

People who buy houses should be looking for quotes from independent insurance agents. With mortgage life insurance from a bank you're insuring a declining balance for the same premium. Private insurance isn't like that; it remains level

Buyers should have some coverage for all debt as first-time buyers, who tend to be younger, and with larger purchases, are significantly increasing their debt load. Should the unforeseen happen, their family may have no choice but to lose the home.

And there's more. While you may make extra payments to be pay off your mortgage early, your life insurance with your lender is fixed as we mentioned above.

And that's even before you take the control and flexibility available from personal insurance into account. The bank says is that it will pay off your mortgage if you die, but without a new mortgage, it won't lend your family any money.

The bank is the beneficiary, and even if the family might need the money for something else they aren't able to remortgage the home because they aren't the beneficiaries.

How Much Mortgage Life Insurance Do You Need?

Your first step should be to determine if you even need any more insurance than what you already have.

People need to see their insurance needs as a whole, rather than a bunch of problems; you don't want to end up with too much or too little.

You may also find that you want enough life insurance to cover other potential expenses in the case of your death. Mortgage Life Insurance through your life insurance company is really life insurance in an amount sufficient to cover your mortgage. In addition you can purchase more life coverage to include education and debt. And you can decide who will be your beneficiaries, which is not the case with bank mortgage life insurance.

Ivon T. Hughes of the Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. Get a FREE Copy TODAY! Email: info@trustco.ca Web: http://hughestructco.com

MORE ARTICLES:

Outskirts Press Announces Miami Beach, the Latest Highly-Anticipated Fiction/Literary Book from Los Angeles, CA, Author Ivan Wainer
Outskirts Press, Inc. has published Miami Beach: Coming of Age in a world gone mad with War by Ivan Wainer, which is the author's most recent book to date. The 6 x 9 Paperback in the Fiction/Literary category is available worldwide on book retailer websites such as Amazon and Barnes & Noble for a suggested retail price of $15.95. The webpage at www.outskirtspress.com/Miamibeach was launched simultaneously with the book's publication.

Are You In Search Of A Memorable Entertainment?
It is said too much work without play makes jack a dull boy. We may erroneously think this involves only our children. Every human person needs some form of amusement. The question is what type of entertainment do we need?

5 Advantages to an Online Shopping Mall
Experts agree that shoppers will spend an unprecedented amount of money buying gifts online this holiday season. Just as "big box" stores draw an inordinate number of shoppers, so does the online shopping mall. Here are five reasons why an online shopping mall is so appealing to many:

Finding The Right Window Treatment In Los Angeles And Chicago
Some of the most unique and individual décor consultants can be found in smaller centers, but for a truly competitive field that will supply window treatments for your home, you're looking at the larger cities like Los Angeles and Chicago.Larger dealers have more contacts, often further afield both in distance, and in tastes, so that they can lay their hands on virtually any accessory, material, or extras that you need to create the right window treatment.

Digipede Technologies Launches Digipede Network 2.1 at Microsoft Launch Event in Los Angeles
New release brings enhanced management of network and grid resources to distributed computing solution for the .NET platform.

How To Survive The Grocery Shopping Blues
If you are the normal consumer, then you've probably experienced the Grocery Shopping Blues. Most supermarkets use this trick to their advantage to squeeze more money out of their customers and turn a tidy little profit for themselves.

Free Oorah CD - Packed with All-New Jewish Music and Entertainment
With great Jewish music and electrifying videos, "Kosher L'Pesach Bagels", Oorah's newly released free CD (http://www.oorah.org/auction/2008/cd_08.html), is a non-stop infusion of entertainment and inspiration.

Shop Smart, Save More at ChristmasAndHanukkahGifts.com, a Holidays Gift Shopping Directory
ChristmasAndHanukkahGifts.com announces the launch of its redesigned online holiday gift shopping directory and savings site. The site combines the power of its comparison shopping engine with its coupon offering to maximize its visitor's savings. The site also features hand picked Christmas gift ideas and Hanukkah gift ideas from the web's most trusted sites.

Wedding Reception Entertainment - Choose Wisely
When planning your wedding, what type of entertainment are you looking for? A comedian? A clown? A 3-ring circus? Of course not ..

How to Set Up Business in Los Angeles
If you are a businessperson planning to put up a business or invest in Los Angeles, it is best to get the services of a lawyer to assist you in the intricacies of the corporate world. A lawyer who specializes in business law can help you set up and settle in California?s business capital.

Three Things To Remember When Shopping For An Auto Loan
Shopping for a car can be an exciting time as you consider the many options of models, colors, and accessories. Seven out of 10 new cars are financed, however, so finding an auto loan will most likely be an essential part of the process. If you prepare yourself with the right information about auto loans, financing the car won?t detract from your enjoyment of your new wheels. When looking for a car loan, keep these things in mind:

Shopping for Mobile Phone Accessories
When it comes to mobile phones, accessories are becoming increasingly popular for a number of reasons. Not least in improving the look of your mobile phone, but also in the practical advantages that they can deliver. As a result of the increasing demand among consumers for mobile phone accessories, it is now possible to accessorize almost any make or model of phone. It is possible to get car chargers, Bluetooth headsets and holsters for popular brands such as LG and Nokia among many others. While shopping for mobile phone accessories, it is important that you ensure that you get a great deal. Here are our top tips to ensure you do!

My Shopping List: Shoes, Dress, and a Hairdresser
Change is a funny thing. When seasons change, so do people and their way of thinking.

Shopping Online: Its Many Benefits
Besides instant communication, and more knowledge at our fingertips than we could ever read, the internet offers us an ease of shopping never before available, especially when shopping for hot tubs. It?s as if a magic genie has given us all our shopping wishes: optimum choice, access no matter the location, and the best of prices.