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Hi Gurus,

My parents have fully paid up their residential property before the term of mortgege. They continue to pay for the mortgage insurance, does that mean the mortgage insurance is now a term insurance?

Thank you.
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1 Answer

Mike Lim
Replied
Evening,

Mortgage insurance are paid to cover the mortgagee on the outstanding mortgage in the event where one of the mortgagee passed on. The insurance will be kicked in to cover the outstanding, based on the percentage of coverage. Since the mortgage have being fully paid, the insurance should have zero value. Kindly check with your insurer accordingly.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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