Teacher advice: You guys could actually take a vis-a-vis and draw in the blank spots on your screen. When a new one comes up, just wipe off and the fun starts again! LOL Good points, Breeze, on the insurance and the "thinking" behind the suicide thing. I'm glad I never bought one of those twenty million offers for mortgage insurance I've received.
It's good to carry life insurance to pay off the balance of the mortgage, and you can get a deal with "First-to-die" policies if both people are healthy. It is also a good idea to take out enough disability insurance to make the payments. That would be a small disability policy. Now, you talk about getting nosey! With disability, they want to know what's in your bellybutton. It's worth it, though, if something happens to your health big-time.
I agree wth Breeze, EXCEPT, it is much cheaper to get a life policy with a disability waiver than to get a separate disability policy.Also, it is a VERY good idea to look for one with an advance benefit rider.This allows you to draw on the benefits in the event of a fatal illness.
Oops! My post didn't read correctly. I mean disability to make the mortgage payment, not the insurance payment. Disability waiver of premium is the proper way to cover that.
The fact is you don't have to let an insurer skin you to acomplish that. I have taken care of this and I didn't have to have an insurer fleece me to do so.
