mortgage insurance
- Thread starter kennicoll
- Start date
There are a couple good topics already on insurance that should answer most of your questions:
http://myreinspace.com/rein_members_only/Members-Only_Discussion/81-804-Insurance_for_Rental_Properties.html
http://myreinspace.com/rein_members_only/Financing/89-3818-HELOC_Insurance.html
http://myreinspace.com/rein_members_only/Members-Only_Discussion/81-804-Insurance_for_Rental_Properties.html
http://myreinspace.com/rein_members_only/Financing/89-3818-HELOC_Insurance.html
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- Aug 30, 2007
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- 13,881
QUOTE (kennicoll @ May 10 2008, 08:17 AM) any thoughts weather you should have mortgage insurance thanks ken
no .. as it is too expensive relative to the open market .. by a factor of 2 to 5 !!!!
IF you need life insurance .. perhaps because you are married or especially, have kids .. consider term insurance .. it is about $5 to $10 per year for $10,000 .. or $500 to $1000 / year for $1,000,000 !
It is NOT life insurance you need .. but INCOME insurance !
Don`t over-insure ! For example: if you have a spouse and no kids (or kids on the way) .. no insurance AT ALL is required assuming your spouse is in good health and can work in case you die ! Also, if you have kids, and they are 10, for example, you need term insurance for perhaps 10 or 15 years MAX .. as by 25 the kids should be off your purse
no .. as it is too expensive relative to the open market .. by a factor of 2 to 5 !!!!
IF you need life insurance .. perhaps because you are married or especially, have kids .. consider term insurance .. it is about $5 to $10 per year for $10,000 .. or $500 to $1000 / year for $1,000,000 !
It is NOT life insurance you need .. but INCOME insurance !
Don`t over-insure ! For example: if you have a spouse and no kids (or kids on the way) .. no insurance AT ALL is required assuming your spouse is in good health and can work in case you die ! Also, if you have kids, and they are 10, for example, you need term insurance for perhaps 10 or 15 years MAX .. as by 25 the kids should be off your purse
personally I use a broker through RBC.
I would just look up insurance in the yellow pages of your area and start calling - try to get at least 2, if not 3 quotes, as sometimes the numbers vary quite substantially.
It`s already been mentioned to not `over insure`, the point of life insurance isn`t to get rich but to give peace of mind that things will be covered.
I would just look up insurance in the yellow pages of your area and start calling - try to get at least 2, if not 3 quotes, as sometimes the numbers vary quite substantially.
It`s already been mentioned to not `over insure`, the point of life insurance isn`t to get rich but to give peace of mind that things will be covered.
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- Sep 3, 2007
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- 489
My tenants are paying the mortgages now. They will need to continue once I am gone. Insurance on your own home my need to be a different story.
QUOTE (MikeMcCrae @ May 14 2008, 07:22 AM) My tenants are paying the mortgages now. They will need to continue once I am gone. Insurance on your own home my need to be a different story.
Interesting point Mike. Do others share this philosophy?
Marcus
Interesting point Mike. Do others share this philosophy?
Marcus
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- Aug 30, 2007
- Messages
- 1,821
QUOTE (mar @ May 22 2008, 09:52 PM) Interesting point Mike. Do others share this philosophy?
Marcus
Absolutely.
Although you may wat to consider some amount of life insurance to cover the incremental cost to your spouse or heirs to hire someone to replace what you do in the business. Kind of like what larger businesses buy on key executives - generally referred to as `Key Man Insurance`.
Marcus
Absolutely.
Although you may wat to consider some amount of life insurance to cover the incremental cost to your spouse or heirs to hire someone to replace what you do in the business. Kind of like what larger businesses buy on key executives - generally referred to as `Key Man Insurance`.