2 posts shown.
...it’s about 30% of the loan amount. We're looking at a total loan of roughly $100,000, so the coverage amount is set at approximately $30,000..
A yearly premium of $550 for 100% coverage?! That seems excessive. It clearly depends on which insurer you use and which bank you're dealing with; I’ve seen rates at Allianz as low as $65 a year...
I’m looking for some insight from anyone who has dealt with a situation similar to mine. If you have experience here, please share your advice or lessons learned..
Since I don't have a co-signer for my mortgage, I'm required to take out a life insurance policy—covering 30% of the property value—with the bank listed as the beneficiary. I went down to my local Chase branch and walked away with three different quotes from Allstate, ranging from bad to downright terrible. For a 14-year term, the monthly premiums were $45, $55, or $75. They also offered a 30-year term option at those rates.
Is there any way to find a better deal through Chase, or perhaps by shopping around at a different bank? What kind of alternatives am I actually looking at?
To be honest, based on what was mentioned in post #3 regarding 100% coverage risk policies, I was under the impression we were talking about roughly $300-$133 per year total.
Any feedback or perspective would be greatly appreciated. Thanks...