I have cancer and it’s terminal. I have a year left at best and I have some worries beyond my health I need to resolve. The main one is my house, I want to leave it to my children (in their 30's), but there’s still about $100,000 left on the mortgage. And it would be ideal for one of them to transition their lives into it. Additional info: my wife has passed and I’m about a decade into my 30-year mortgage.
Now I don’t have much for savings, no retirement plan, assets, etc. to just pay the house off or even a large chunk. And I didn't sign up for a life insurance plan and I know it’s too late now due to the health screening requirement.
So that lead me to the confusing mess of navigating Mortgage Protection/Life Insurance. Online results are difficult to navigate due to an absurd number of articles debating it or dated websites from companies I’ve never heard of offering it. From what I have found and understand, it’s an expensive policy that most people (and Reddit search results) deem as a scam/dumb due to standard life insurance making more sense financially, but it has the benefit of offering no requirement of a health screening and will essentially pay off the remaining mortgage.
Now I know I might not be even qualified for it due to not signing up for it when I initially signed my mortgage, as well as knowingly passing in a year putting in a minimal amount of payments. And overall it seems too good to be true, but I might as well try.
So here are my main questions with the conditions of being terminal with 1 year left, being 58 years old, $100,000 left on my mortgage, and about 10 years already into my mortgage.
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Are there any definite insurers that would take my case / are reputable with this policy / known to work?
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What does the timeline look like with paying out? I’m sure it depends insurer-to-insurer, but is it more likely to go month-to-month or lump sum?
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Any quality resources or certain types of people I could look up to point me towards a plan? Like some sort of specific type of broker specialized in this?
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Any alternatives or additional recommendations to help financially ease my family’s situation when I pass besides this?
Extra note: Keeping the house in the family isn't impossible with their income, so this isn't what we're completely riding on, but if I have a shot to help them with something like this, I definitely want to try. And I do fully intend with being transparent and reading through their full terms to make sure it will 110% work.
Submitted January 28, 2020 at 06:59PM by MPIqs2020 https://ift.tt/2Gyl5gC
