Does anyone have a lead on a good life insurance company to cover a mortgage?

1stSgt Private RallyPoint Member — Fri, 27 May 2016 15:06:01 -0400

Response by Capt Tom Brown made May 27 at 2016 3:08 PM

Capt Tom Brown — Fri, 27 May 2016 15:08:55 -0400

USAA is the first one that comes to mind. Check & see if they offer it. USAA has been very dependable and reliable for us over a number of years and their rates are hard for anyone to beat.

Response by Capt Seid Waddell made May 27 at 2016 4:47 PM

Capt Seid Waddell — Fri, 27 May 2016 16:47:17 -0400

Look into USAA.

Response by CAPT Kevin B. made May 27 at 2016 5:12 PM

CAPT Kevin B. — Fri, 27 May 2016 17:12:48 -0400

Make sure you need that specific coverage vs. other life policies. In general, nothing beats SGLI basic. There are a number of things which beat the SGLI add ons if you're in reasonable health. What you have to determine is what cash flow do you want upon your death which may include paying off a mortgage. Consider a policy that you can cash in later presuming you make it to later. It's a good way of legally laundering some money as you get taxed on your income annually, but the payout is tax free. I found that to be a good thing to do. If I recall, I did a $350K policy at $1K/month, plan to pull it out after 15 years ($215K total into it), and get around $180K back tax free. You'd spend much more than $35K in taxes and you get the benefit of the coverage all along. Typical mortgage insurance doesn't give you anything back. Run the numbers with a good financial advisor. I'm sure your answer is in there.

Response by MSgt John McGowan made May 27 at 2016 5:13 PM

MSgt John McGowan — Fri, 27 May 2016 17:13:58 -0400

1stSGT Jim S. Another place to look is Farm Bureau. But it may depend on land size etc, etc. Before I got my insurance I checked USAA but they were a little higher, surprise to me. USAA is good so I would probably use it.

Response by CPT Jack Durish made May 27 at 2016 6:27 PM

CPT Jack Durish — Fri, 27 May 2016 18:27:18 -0400

I use USAA for all my insurance needs. "Mortgage insurance" is nothing but life insurance that is "dedicated" to pay off a mortgage in the event of death (although such insurance proceeds may be used for any other lawful purpose). Why USAA? The rates are competitive (usually unbeaten) and the service is excellent (never surpassed)

...and no, I don't work for USAA or have stock in the company. I'm just one really happy customer of many years. In fact, I consider my USAA membership one of the best benefits I ever received for serving

Response by Capt Private RallyPoint Member made May 27 at 2016 7:38 PM

Capt Private RallyPoint Member — Fri, 27 May 2016 19:38:26 -0400

What you want is decreasing term insurance. Most companies will sell it. Shop around because the rates may differ quite a bit.

I sold for American General for 14 months, then got back to a real job.

Again shop for the best rate.

Response by MCPO Roger Collins made May 28 at 2016 11:32 AM

MCPO Roger Collins — Sat, 28 May 2016 11:32:56 -0400

Buy the cheapest term life policy that would cover the mortgage, and maybe even a little extra for the family. Then when you get old enough to cover the cost of your funeral and the family is OK economically drop it immediately.

Response by COL Private RallyPoint Member made Apr 5 at 2017 8:45 AM

COL Private RallyPoint Member — Wed, 05 Apr 2017 08:45:54 -0400

There doesn't need to be a direct link per say between your mortgage and your life insurance. Life insurance should fill the gap between (1) your survivor's assets/ income / ability to pay and (2) the amount of routine expenses they'll have plus outstanding obligations such as a mortgage, children's tuition. Etc. A good term policy from a reputable company can do that affordably.

Response by MAJ Kevin Wardrobe made Sep 19 at 2017 2:25 PM

MAJ Kevin Wardrobe — Tue, 19 Sep 2017 14:25:24 -0400

I work for NY Life...I do mortgage coverage...shoot me a text and I can work up a quote to give you an idea...I'm at [login to see] .