Mortgage Protection Plan

[Anonymous]

So me and my husband just brought a house, and we started getting these Mortgage protection plan letters in the mail. What exactly is this, and is it worth it to get it?

[Anonymous]

I too started receiving these shortly after I closed...about 2 a week for the first 6mo or so.

My understanding is that its simply an insurance policy for your mortgage payments. In the case of an unforeseen event such as job loss or disability they cover the cost of your mortgage payments for a set amount of time.

Good for people who have a hard time saving I guess. Just someone else willing to liberate me of my money, IMO. I suppose I could see the benefits but I have never been a "what if" sort of individual.

Congrats on the new house!

[Anonymous]

Thank you

[DallasLoanGuy]

read the fine print. last one i heard about paid p&i but not escrow portion.... so it isnt as attractive as it sounds.

i think aflac offers similar.

i wouldnt buy from a solicitor who just floods the market with letters.... just my opinion. 

[StartingOver10]

---

@DallasLoanGuy wrote:

read the fine print. last one i heard about paid p&i but not escrow portion.... so it isnt as attractive as it sounds.

i think aflac offers similar.

i wouldnt buy from a solicitor who just floods the market with letters.... just my opinion. 

---

Agree with DallasLoanGuy. 

When you close you get all kinds of solicitations and some of them are legitimate and others aren't. If you are looking for a particular insurance product - first check your insurance agent that you know and trust and then shop the premium.  Be very careful. As others have said: what the headlines give you the fine print takes away....

[Anonymous]

Thanks everyone for your opinions, I'm not sure if it's worth it because it's just me and my husband, no kids, and hardly any parents left.