Home owners, What Insurances you ha(d)ve on your Home purchase
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Location: carl sagan's universe
Posted on: 07-02-07 00:13:53
Quote:
Originally posted by JRF
After my research, I am finally settling down to take a 20 year life Insurance worth of 350K to cover the financial burden (esp., Mortgage) in case of a mishap. This has a premium of approx $35 / month.
Do I need to buy the Life Insurance for both of us which would cost me $35 + $35 = $70/month ?
I was / am under impression that I could just buy a Life Insurance Policy on my name that should help my wife financially in case of my illness! Not the other way though. Point to note, All house documents have both of our names and I strongly believe my Life Insurance does not have any direct dependencies with the Mortgage.
Please share your thoughts and experience ?
I am going to be extremely sarcastic here amigo.
Do you have a car? Do you have insurance for the car? Why ? Cos it's mandatory? Will you be having insurance for your home? Why? Cos it's mandatory? Because your spouse's insurance is optional you are questioning it? (Read everything you want in that statement). If you can't afford a measly $35/month for your wife, get a mortgage that will cost you $35 less per month.
I am sure the majority on this forum will agree with me but perhaps would not put it so bluntly.
Love me or hate me for my reply, either way it ain't no skin off my nose.
As Pramod says your call.
Quote:
Originally posted by JRF
I was / am under impression that I could just buy a Life Insurance Policy on my name that should help my wife financially in case of my illness! Not the other way though.
elaborating on what some have touched on already....
If something(god forbid) happens to your wife...
One cannot go to work the next day/week/probably months especially if you have to worry about how the kids are coping and have to be there to help them adjust. How will you manage financially in the interim?It takes a long time to get over a great loss and an important part of ones life. Even later, if still single, one may have to pay for outside help to manage many of the missing partners original responsibilities in running a household.
If you have difficulty adjusting to such a loss...will your employer find you as productive after such an event, compared to before? If not, will you still have the job....etc....etc...etc.
$35/month is not that big an amount to cover these(and many I have missed) eventualities imo.
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Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by JRF
Pramod,
Its my bad, the PM I sent actually failed. I will email you soon.
Hi JRF,
Still have not received your email.
From your other post, it seems that you are taking a 20 year term policy on your life only. If that's the case, it would mean that if God forbid some thing happens to you down the road (and this some thing is not ill ness) then your family would not have to lose the house and may also get some money as the mortgage would have been paid down significantly. However, you have not taken any insurance on your spouse's life, which I believe is equally, if not more important for the kids, yourself and your family.
It's ultimately your call.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
You don't need to coz you don't know the situation and the amount of investment we're sitting on which could cover a lot more than what this supplementary / non mandatory Insurance could.
I expect you understand what is asked and write as appropriate than throwing comments of this nature. (You might want to see the post from another member on the same subject). I can understand anything that questions the credibility of Insurance "Rubs" those in the business. Take this, I am a very pessimistic person when it comes to Insurance be it is "Auto" or "Home" or anything. You wouldn't really want me bring the lined up stories of my friends who were blatantly cheated by Insurance companies. Some even went belly up after the Claims.
Warmly,
JRF.
Quote:
Originally posted by investpro
I am going to be extremely sarcastic here amigo.
Do you have a car? Do you have insurance for the car? Why ? Cos it's mandatory? Will you be having insurance for your home? Why? Cos it's mandatory? Because your spouse's insurance is optional you are questioning it? (Read everything you want in that statement). If you can't afford a measly $35/month for your wife, get a mortgage that will cost you $35 less per month.
I am sure the majority on this forum will agree with me but perhaps would not put it so bluntly.
Love me or hate me for my reply, either way it ain't no skin off my nose.
As Pramod says your call.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Hi JRF,
Well, I have been debating the same as to how much more insurance to buy, now that I am taking on a mortgage and my wife is not working yet.
I have the bank pushing to sell the Mortgage Life and Disability insurance, offering to discount the mortgage interest rate if I take it. I am quite clear, that I don't want to take one from the bank, even if I decide to take one, as it is not portable when you move the mortgage.
When I looked at the Premium they quoted and compared that with the Life Insurance that I can buy through my employer, the one through employer is significantly lower. Agreed that this insurance will terminate the moment you will leave the employer, but I think it has an option for me to continue by paying the premium on my own.
Unfortunately, my mortgage will start Mid-march and the current life insurance coverage I have will less than the mortage amount. I won't be able to up the Life insurance through my employer until the open enrollment period which is usually in Nov for coverage starting from Jan of next year.
When you were doing your research, did you come accross any good companies offering Mortgage life and Disability insurance ?
Or for Life Insurance ?
I particularly like a policy that I have taken in India from LIC. It's called Jeevan Anand and it is a combination whole and term life. The problem with most Term life policies that I have seen in Canada is that at the end of the term you get nothing in return if say nothing happened to you. The LIC's policy gives the sum assured along with some bonus back and at the same time the policy continues at a reduced sum assured for the rest of your life, without having to pay any more premiums.
Quote:
Originally posted by JRF
You don't need to coz you don't know the situation and the amount of investment we're sitting on which could cover a lot more than what this supplementary / non mandatory Insurance could.
I expect you understand what is asked and write as appropriate than throwing comments of this nature. (You might want to see the post from another member on the same subject). I can understand anything that questions the credibility of Insurance "Rubs" those in the business. Take this, I am a very pessimistic person when it comes to Insurance be it is "Auto" or "Home" or anything. You wouldn't really want me bring the lined up stories of my friends who were blatantly cheated by Insurance companies. Some even went belly up after the Claims.
Warmly,
JRF.
