Mortgage Insurance

[stuy119]

Are there still carriers out there who offer a declining benefit life insurance for use in a situation for a family to payoff the mortgage? I know nothing about this, but someone in my family now wants to look into this - just not as part of a regular life insurance planning situation.

No idea what to do or who to contact/contract with on this.

For some specifics, we're looking in IL for a 66 year old female and 67 year old male. Just purchased a home for $140,000 and want to have it paid off in the event one spouse passes in the near future or to have it paid off for estate purposes for the kids.

 

[jfnyl]

I'm only 2 years into the business but it is my understanding that these sort of policies are few and far between. I use a combination of WL and Term to cover the mortgage and achieve a similar declining benefit. Of course, in those instances, the premium declines as well.

 

[STIBROKER]

not in a long time........................

 

[stuy119]

What are the best recommendations? Cost in an obvious issue ...

 

[jfnyl]

At that age, either laddered term or a small WL base plus term ladders. Use the amortization table to forecast what death benefit you need to have at different times. If you use a WL base, factor in what the paid up additions would add.

 

[mickeyma]

The reason Decreasing Term has "decreased" in availability is because of the term wars for level term. Level term was the same rate--sometimes even less on the P+ class--so why buy insurance that decreases in value over time when you can get level term for the same price?

 

[Dscaggs]

Are there still carriers out there who offer a declining benefit life insurance for use in a situation for a family to payoff the mortgage? I know nothing about this, but someone in my family now wants to look into this - just not as part of a regular life insurance planning situation.

No idea what to do or who to contact/contract with on this.

For some specifics, we're looking in IL for a 66 year old female and 67 year old male. Just purchased a home for $140,000 and want to have it paid off in the event one spouse passes in the near future or to have it paid off for estate purposes for the kids.

Where in IL are you?