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Originally Posted by red sky
The bank makes it seem like it is a no brainer but I am wondering if others have differing opinions? Obviously it should depend on ones overall life insurance policies but ignoring that, if possible.
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A bunch of technical issues on insurability, underwriting and regulatory pieces have come up in this thread. But I think you should decline the insurance through your mortgage for one simple reason. IT'S VERY EXPENSIVE.
I just switched out my mortgage insurance (through Slava, fwiw) for regular life insurance, and I got about three times as much insurance for the same monthly payment. Life insurance is way more expensive if you buy it through your mortgage. You probably need some if you're getting a mortgage, but you're way better off to buy it somewhere else.