Mortgage loans and life insurance requirements
in Banking, Insurance & Loans ·
Hey there,
So, I’ve got a mortgage through Goldman Sachs. When I was signing all the paperwork, they made this life insurance policy a mandatory condition—apparently because of my line of work.
This "luxury" is eating up about $85 a month out of my monthly payment, so I’m trying to wrap my head around what this actually covers. Is it legit, or just some banking bluff to make us feel safe? Specifically, is it true that if the borrower passes away, the house stays with the family completely debt-free?
The weird part is, Goldman Sachs hasn't sent me a single actual policy document or anything detailing the terms... nothing. The only place this thing even exists is buried in the contract and showing up as a fee on my repayment schedule. If I had to guess, I think it's through Allianz...
Thanks!
So, I’ve got a mortgage through Goldman Sachs. When I was signing all the paperwork, they made this life insurance policy a mandatory condition—apparently because of my line of work.
This "luxury" is eating up about $85 a month out of my monthly payment, so I’m trying to wrap my head around what this actually covers. Is it legit, or just some banking bluff to make us feel safe? Specifically, is it true that if the borrower passes away, the house stays with the family completely debt-free?
The weird part is, Goldman Sachs hasn't sent me a single actual policy document or anything detailing the terms... nothing. The only place this thing even exists is buried in the contract and showing up as a fee on my repayment schedule. If I had to guess, I think it's through Allianz...
Thanks!