Mortgage Insurance

[TanKS]

Hi Dennis Sifu,

I am looking to get mortgage insurance for my house. Do you have any contacts who I can approach to get an unbiased quote? Thanks!

[Dennis Ng]

Hi Dennis Sifu,

I am looking to get mortgage insurance for my house. Do you have any contacts who I can approach to get an unbiased quote? Thanks!

Hi TanKS,
sure, you can just email me at dennis@MasterYourFinance.com your name and mobile number and I will get someone (Independent Financial Planner) to call you.

[serenecsc]

i bought a mortgage insurance for $700K (equivalent to the loan amt that i took from a Bank) for my 1st condo that i bought 5 years ago. Subsequently, i sold my condo but i did not cancel the mortgage insurance. I bought another condo but my bank loan was only $450K. When i contact the insurance agent about the mortgage loan bought previously, i was told to maintain the policy, still at S$700K. Can anyone tell me whether should i reduce my policy to $450K instead of still maintining the same policy?

thank you.

[bemoneysavvy]

Your initial policy cover would have been reduced from $700k cos it's a reducing balance.

In any case, it's a cheap form of insurance and can supplement your dependents' needs. If you review your needs, the answer should be clearer.

i bought a mortgage insurance for $700K (equivalent to the loan amt that i took from a Bank) for my 1st condo that i bought 5 years ago. Subsequently, i sold my condo but i did not cancel the mortgage insurance. I bought another condo but my bank loan was only $450K. When i contact the insurance agent about the mortgage loan bought previously, i was told to maintain the policy, still at S$700K. Can anyone tell me whether should i reduce my policy to $450K instead of still maintining the same policy?

thank you.

[candy_chia]

Would encourage everyone to review your financial health while you are still healthy (before stringent exceptions are imposed in your policies), you may find you have another source of fund (which can generate higher investment return) hidden in some of the policies.


P/S: I don't obtain any referral fee from Esther, hope others will benefit by avoiding the exorbitant fee imposed by normal insurance agents.

Finished my financial review yesterday, I was pleasantly surprised that my independent financial planner suggested that I should choose either AIA disability income plan (for best comprehensive coverage) or GE Paysecure (being most cost effective), instead of Aviva Ideal Income plan (worst plan as they pay only miserable $500 if disability occurs during non-working period within 2 years).

Reason being that she will only be paid commission if client selects Aviva insurance policies and not AIA & GE. Really thankful to Dennis for recommending independent financial planner that dispenses truthful and professional advices and concurrently, allows us tremendous saving of $139k (for next 20 years) for our life insurance policies.