Where to buy Mortgage Protection Insurance ( Loss of job / disability)
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Mortgage Protection Insurance ( Loss of job / disability)
Where can we buy this insurance from ? Is it advisable ? From reading I gather impression that not to buy from banks. Can we just buy from any insurance co. ?
Thanks.
Personally I would not buy and have not bought mortgage insurance. I have bpught life insurance instead. Doesn't make sence as mortage insurance only proptects the amount of mortgage owned, but life can have a much more amount which will be given to the beneficiary.
If you are talking about mortgage insurance in case of job loss, I have not heard about such an insurance. Maybe, I dont know.
For critical illness vagera, there are a lot of desi radio ads or any desi newspaper they have lots of adv's. If you have a financial advisor they can guide you as well as to what and how much insurance would be sufficient for your portfolio.
Location: God's own country
Posted on: 03-11-08 17:18:19
Quote:
Originally posted by Aashu
Mortgage Protection Insurance ( Loss of job / disability)
Where can we buy this insurance from ? Is it advisable ? From reading I gather impression that not to buy from banks. Can we just buy from any insurance co. ?
Thanks.
Aashu,
when we buy insurance for loss of job through credit cards, it only pays for the min. payment during times of job loss.
If we have the same thing for mortgage ($1500 + a month), every tom dick or harry would be using it as it is so easy to get laid off from work (just act indifferenctly in your office and you have a good chance of being laid off as firing can lead to legal complications for the employer). Even if it was there , we would be looking at premiums of 15,000 a month or so.
Where did you hear of this?
Peace by TK
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I am a Gents and not a Ladies.
TK coverage for mortgage is available (against job loss)..... I have something similar for my car loan .... bascially if i get laid off i dont have to pay my car loan installments for 6 months ..... for mortgage check ....
http://www2.bmo.com/bmo/files/news%20release/4/1/bmo_joblossdisinsur_oct1606_en.htm
Quote:
Originally posted by tamilkuravan
Quote:
Originally posted by Aashu
If we have the same thing for mortgage ($1500 + a month), every tom dick or harry would be using it as it is so easy to get laid off from work (just act indifferenctly in your office and you have a good chance of being laid off as firing can lead to legal complications for the employer). Even if it was there , we would be looking at premiums of 15,000 a month or so.
Where did you hear of this?
Peace by TK
