Mortgage Insurance

[kooky83]

call me paranoid but I got the option CI coverage with my posb mortgage insurance. Yes, this makes the premium more expensive but think about it - would you want to take the chance that you won’t have CI? If and when that happens, what happens to your mortgage? For me, it always pays to be safe than sorry.

[kooky83]

I don't think need to get CI rider, I bought my mortgage http://www.dbs.com.sg/personal/insurance/homeshield/default.page from DBS and didn't include the CI option. I agree, worry about the CI separately.

[radiantmum]

Anyone able to advise on mortgage insurance

1. Better to go direct with insurance companies than banks?
2. Which one is competitive ie Prudential, AIA, NTUC, Great Eastern (I assume all are the same nature/offer?)
3. Any firm with bad reputation on ease of claims etc?

[verykiasu2010]

radiantmum:

Anyone able to advise on mortgage insurance

1. Better to go direct with insurance companies than banks?
2. Which one is competitive ie Prudential, AIA, NTUC, Great Eastern (I assume all are the same nature/offer?)
3. Any firm with bad reputation on ease of claims etc?

insurance companies are more price efficient

my personal experience only - AXA is better than Prudential, after been a Prudential customer for more than a quarter century

[radiantmum]

thanks!


is there a website that does price comparison amongst different firms? called ntuc income and axa hotlines but they do not have direct hotline support for mortgage insurance enquiries and have to write in. so troublesome.

[cherrygal]

You can approach those financial planners who do not belong to any insurance company. They will give you the quotes, no obligation I think.

[Lyyyn]

Just be upfront, I am with IFA (independent financial advisory). Below is fully my personal opinion.


For mortgage insurance, you'll need to ask yourself why you want it in the first place:
You maybe the breadwinner and without your financial support your family will have difficulty in continuing to pay the mortgage. May be ending up selling the house.

If you're in double income family, how much contribution you make to the mortgage payment. It's wise to cover both party. There're plans that offer joint life application.

For CI, same thing, do you want to pay mortgage when you're diagnosed with CI (standard LIA definitions)? If you feel paying mortgage after diagnosed with CI is not a problem, then skip the CI.

There're reasons why the CI cover jack up the price by a lot, it's because statistically, CI is diagnosed increasingly at a younger and younger age than before.

My father's generation, heart attack usually belongs to the 60's, now 40's and having heart attack, while not a lot yet, is not uncommon. Thus probability of getting it during the mortgage paying duration increases.

As medical tech gets better each day, diagnosed with CI may not be end of the world. Most fully recovered and continue life per normal.

You may want to review your CI cover under other plans that you have. If you have sufficient, it'll tide you through the CI period. And you'll save the extra prem for the mortgage ins while get best of both world.

JMO

[allcc6]

Lyyyn:

Just be upfront, I am with IFA (independent financial advisory). Below is fully my personal opinion.


For mortgage insurance, you'll need to ask yourself why you want it in the first place:
You maybe the breadwinner and without your financial support your family will have difficulty in continuing to pay the mortgage. May be ending up selling the house.

If you're in double income family, how much contribution you make to the mortgage payment. It's wise to cover both party. There're plans that offer joint life application.

For CI, same thing, do you want to pay mortgage when you're diagnosed with CI (standard LIA definitions)? If you feel paying mortgage after diagnosed with CI is not a problem, then skip the CI.

There're reasons why the CI cover jack up the price by a lot, it's because statistically, CI is diagnosed increasingly at a younger and younger age than before.

My father's generation, heart attack usually belongs to the 60's, now 40's and having heart attack, while not a lot yet, is not uncommon. Thus probability of getting it during the mortgage paying duration increases.

As medical tech gets better each day, diagnosed with CI may not be end of the world. Most fully recovered and continue life per normal.

You may want to review your CI cover under other plans that you have. If you have sufficient, it'll tide you through the CI period. And you'll save the extra prem for the mortgage ins while get best of both world.

JMO

Pls advise if below opinion is correct :

Mortgage insurance not a 'must-have' for properties that are bought for investment purpose (due to collection of rental proceeds).

[jhon]

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