Question : First time home buyer, Mortgage company keeps sending me about protection insurance plan? should I sign up?
Hi

My family just bought a new home and the mortgage company keeps sending me mails such as

IMPORTANT NOTICE COMPLETE AND RETURN
mortgage protection insurance plan and life insurance plan.

They make it sound like I must fill these forms out and apply. I feel like they are just extra payments that I have to make. Are they necessary?

Thanks!
first time home buyer mortgage

Best answer:

Answer by Webhoo
it depends on if your family works and if they have / dont have life insurance. Mortgage Protection protects you if become unemployed and/or die (have to read the terms because some only offer one while others are more protective). So read the fine print and check with your family’s financial plan to see if this would cover or is duplicate of what you already have. They are not necessary usually but contact the lender direct (not the numbers on the mail you are getting because they are most likely the ones trying to sell you this) to see if it is mandatory. You will find out its not.