<![CDATA[Mortgage Insurance]]>Anyone has recommendation on Mortgage Insurance? Which insurer offers the best? Am wondering if Critical Illness is a necessary rider? Apparently, I googled and some mentioned that the premium added on for Critical Illness is very expensive, and its not worth.


Any one knowledgeable in this, please share! Thanks! 😄

]]>https://forum.kiasuparents.com/topic/37280/mortgage-insuranceRSS for NodeSat, 09 May 2026 04:37:18 GMTThu, 28 Jun 2012 04:44:20 GMT60<![CDATA[Reply to Mortgage Insurance on Mon, 23 Jan 2017 14:37:06 GMT]]>hi all user UFC the best PMI http://unitedcounselors.org/ purchase mortgage insurances services in Florida if u want more about so contact and join us

]]>https://forum.kiasuparents.com/post/1749736https://forum.kiasuparents.com/post/1749736Mon, 23 Jan 2017 14:37:06 GMT<![CDATA[Reply to Mortgage Insurance on Thu, 03 Jan 2013 14:18:02 GMT]]>

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).

]]>https://forum.kiasuparents.com/post/929254https://forum.kiasuparents.com/post/929254Thu, 03 Jan 2013 14:18:02 GMT<![CDATA[Reply to Mortgage Insurance on Tue, 25 Sep 2012 06:13:37 GMT]]>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

]]>https://forum.kiasuparents.com/post/858853https://forum.kiasuparents.com/post/858853Tue, 25 Sep 2012 06:13:37 GMT<![CDATA[Reply to Mortgage Insurance on Thu, 13 Sep 2012 13:54:07 GMT]]>You can approach those financial planners who do not belong to any insurance company. They will give you the quotes, no obligation I think.

]]>https://forum.kiasuparents.com/post/848264https://forum.kiasuparents.com/post/848264Thu, 13 Sep 2012 13:54:07 GMT<![CDATA[Reply to Mortgage Insurance on Thu, 13 Sep 2012 09:02:11 GMT]]>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.

]]>https://forum.kiasuparents.com/post/848101https://forum.kiasuparents.com/post/848101Thu, 13 Sep 2012 09:02:11 GMT<![CDATA[Reply to Mortgage Insurance on Wed, 12 Sep 2012 13:22:03 GMT]]>

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

]]>https://forum.kiasuparents.com/post/847331https://forum.kiasuparents.com/post/847331Wed, 12 Sep 2012 13:22:03 GMT<![CDATA[Reply to Mortgage Insurance on Wed, 12 Sep 2012 13:13:06 GMT]]>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?

]]>https://forum.kiasuparents.com/post/847321https://forum.kiasuparents.com/post/847321Wed, 12 Sep 2012 13:13:06 GMT<![CDATA[Reply to Mortgage Insurance on Wed, 08 Aug 2012 10:02:54 GMT]]>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.

]]>https://forum.kiasuparents.com/post/816857https://forum.kiasuparents.com/post/816857Wed, 08 Aug 2012 10:02:54 GMT<![CDATA[Reply to Mortgage Insurance on Thu, 05 Jul 2012 07:21:26 GMT]]>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.

]]>https://forum.kiasuparents.com/post/789793https://forum.kiasuparents.com/post/789793Thu, 05 Jul 2012 07:21:26 GMT<![CDATA[Reply to Mortgage Insurance on Fri, 29 Jun 2012 09:03:19 GMT]]>Thanks verykiasu2010! 🙂 yeah, i think that's the way to go... thanks for your inputs!! Helps me to clear my thoughts!!

]]>https://forum.kiasuparents.com/post/786196https://forum.kiasuparents.com/post/786196Fri, 29 Jun 2012 09:03:19 GMT<![CDATA[Reply to Mortgage Insurance on Fri, 29 Jun 2012 06:45:07 GMT]]>i got the mortgage insurance but not the rider


good thing is that it is not linked to any specific mortgage or property … in a nutshell is is a reducing term insurance, useful protection against potential liability – and be able to keep the asset. the policy is "value for money" … even when mortgages have been finished paying

worry about the medical rider policy separately

]]>https://forum.kiasuparents.com/post/786071https://forum.kiasuparents.com/post/786071Fri, 29 Jun 2012 06:45:07 GMT<![CDATA[Reply to Mortgage Insurance on Fri, 29 Jun 2012 02:58:06 GMT]]>verykiasu2010,

thanks for your response… checked w my pru agent, and pru doesnt have any CI rider to go w mortgage… the standard for pru is just the TPD and Death covers…

however, i checked w another agent, and if we cover CI, the premium is a good 1000% increase over pru’s basic plan… and its for 50% coverage (i.e. half of sum assured) for CI only… but of cos, i understand that there’s additional coverage and it cant be for free… just taken aback by the difference in amount…

herrys,
thanks for your thoughts, but my question is not on whether its required… but more on which insurer offers good policy for it. i’ve gotten my mortgage already and there is no mandated requirement. but for peace of mind, am looking at it just in case something happens.

with the many policy that one covers for now, Hospitalisation Shield Plans, Whole Life, Endowment, etc… i hope to cover for mortgage but dont wanna overpay for it either… that’s why I’m hoping to get some advise from people who have already bought one…

Thanks!

]]>https://forum.kiasuparents.com/post/785857https://forum.kiasuparents.com/post/785857Fri, 29 Jun 2012 02:58:06 GMT<![CDATA[Reply to Mortgage Insurance on Thu, 28 Jun 2012 05:07:46 GMT]]>mortgage insurance is basically a reducing term insurance


the idea is to have a payout to cover the outstanding mortgage in case of a tragedy and thus do not need to lose the property due to forced sale in case of inability to service the mortgage when the income earner lost his / her ability to earn the income permanently due to sickness or injury

cost of medical rider is dependent on what type of coverage is desired.

both AXA and Prudential has good policies for this purpose

it is a good opportunity to get a medical cover as a package with mortgage insurance

]]>https://forum.kiasuparents.com/post/785227https://forum.kiasuparents.com/post/785227Thu, 28 Jun 2012 05:07:46 GMT