*Loan,banking and credit>>>mortgage insurance

I have some mortgage life insurance. If the mortgage has changed is the insurance still good.?

If your question is, is the policy still in force, the answer is yes. The policy stays in force regardless of what happens with your mortgage.

In fact, it is important to realize that there is no such thing as "mortgage insurance" at least not in the category we're talking about. What it really is, is decreasing term life insurance. The product was created to somehow mimic the way a mortgage goes down when you pay it down over time. It was then marketed as "mortgage insurance."

The best thing for you to do is to figure out how much insurance you need and buy that for whatever period of time makes sense. Use the following format to figure out how much you need. There are lots of others, but this one can work in a pinch.

L - Loan payoffs. This includes mortgages and other loans including student loans, auto loans, and credit cards.

I - Income Replacement. Figure about 5 years since you'll be debt free.

F - Final Expenses. Figure anywhere between $5000 to $15000 depending on if you want to go in a pine box, or if you want a song and a sermon.

E - Education. Factor this amount into how much you want to help either your children or your surviving spouse to get education. If a spouse has been out of the work force for a while, education becomes a factor, that is if they plan on going back to work.

There you go. One of many formulae to figure out how much life insurance you need. Next, figure out how much you can afford and how long you need it. You're there!

Cancel it.It declines in value as you pay down your mortgage...get a term life policy...
Mortgage insurance is a decreasing term life policy. They are not a good policy. As the mortgage on your home goes down so does the face amount. If you want term coverage look for level term life insurance that will hold the same death benefit until the end of the term.
Agency owner/ Agent
Mortgage life is NEVER good. It's a ripoff. It's basically just a decreasing term policy.

You will have to read how the policy is set up - does it pay your estate, or does it pay the mortgage company? If it pays your estate the mortgage balance, it doesn't matter who the mortgage company is.
agent, 21+ years
As your mortgage decreases, so does the benefit from your mortgage Life policy. Typically, these policies are more expensive than comparable term policies that don't depreciate in value.

Mortgage life also only covers the balance owed on your first mortgage, so if you refinance, or take out a home equity loan, you would still be left with an amount owing.

A big question as well is why would you want to eliminate your biggest tax deduction at the same time your household income is reduced. Using term insurance and discussing how the proceeds could be applied is a better way to go.

I am licensed in Arizona and would be happy to answer more questions for you. You can also review your insurance needs at this link: