I also have stents in my arteries and heart. I need $250,000 in insurance to payoff a 30yr loan. Our house was originally paid off and I (the house was put in my name alone, not my husbands) took out a mortgage for $130,000 to finance my daughters business which failed. I thought that I did have mortgage insurance on the original loan but did not find out until after I took out my 2nd mortgage ($120,000) to pay off other bills the business acquired. Between the 1st and 2nd loan I became ill and I don’t know what to do now. My husband doesn’t know about the 2nd loan. If anyone knows how to fix this please let me know. I don’t want to die and leave 2 mortgages for my husband to pay off.
I need affordable mortgage life insurance. I’ m 62 and have a heart problem that is under control with meds?
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OK, let me be blunt here. With those heart issues, you’re not likely to live until 92 to pay off those loans. That means, the cost for insurance is going to be A LOT. Even if you were perfectly healthy, at 62, you’re not going to find someone to give you a 30 year term life insurance policy – you’re really looking at WHOLE life rates, and it could easily be $1,000 a month or more.
You will have to talk to a local high risk health insurance agent, who can explain to you why mortgage life is a rotten deal, and why you’re better off with a different, cheaper life insurance product. Which, btw, won’t be cheap.
If you are taking out Mortgage Life Insurance from the lender you might as well cancel it. IT likely won’t pay even if you’re paying the premiums. They do their underwriting at the time of claim, which means they don’t decide if it will payout until after you die. At that point they will find out about your heart conditions and claim it was a pre-existing condition and deny the claim.
Contact your local insurance broker and get Term Life Insurance. A broker will find you the best option. At your age it won’t be cheap, but at least they can find something that will pay out if you pass away before 92. If you can’t get approved for standard Term Life, there is always the option of Gauranteed Issue Life Insurance where there is no medical underwriting and it’s gauranteed, no matter what your condition is. This is very expensive, but as a last resort it’s better than nothing.