If you’re buying a house and taking out a loan to pay for it, you’re probably being asked to pay for mortgage redemption insurance, a kind of insurance that protects the bank in case of the borrower’s sudden death or disability. This also means, of course, that your beneficiaries don’t get saddled with a loan on the house in case the breadwinner, you know, goes.
An MRI is prohibitively expensive, and if you’re the average type of bank borrower, you won’t know that unless it’s too late. You may also fail to realize that there are other options, and would likely just sign the contract just to get the entire process over with.
Here’s a tip I learned from an insurance professional: ask your bank if you can assign a term insurance instead to the creditor. You will pay much less in premiums but get ample coverage. However, you will have to make sure that the insurance company you get your term insurance from is accredited by your bank.
***
While surfing, I discovered some new personal finance bloggers worthy of your time and some from our friends around the web. Here are some of them:
The Serious Nuts: Estimating When Your Money Will Double (The Rule of 72 Explained)
Pinay and Money: High-Interest Time Deposit
Ang Piso Ko: Sometimes It’s Good To Procrastinate
Frugal Pinoy: 5 Ways To Make Saving Less Painful
The Digerati Life: Financial Crisis In The Media: Is the Economic Crisis Overhyped?
***
I don’t know who to credit for this photo and the Photoshop work done, because this has merely been circulating on the Internet. Laugh out loud! It will release the stress 
Happy weekend everyone!
March 12th, 2009 at 10:27 am
Hi, we have a house & lot loan with PS Bank. We are paying the yearly MRI + fire insurance to the bank. Can you be more specific on what type of insurance should I get to save on cost? I’m 39 years old with 3 children.
September 30th, 2008 at 7:35 pm
Thanks for the link, Salve
September 29th, 2008 at 5:49 pm
Hi Salve, Thanks for mentioning ANG PISO KO in your entry. Appreciate it! More Power!
September 29th, 2008 at 11:13 am
Please inquire about the status Platinum Plans Inc. We have bought pension plans on this pre-need company. Our plans have long been matured and the company cannot pay the scheduled payments. The company keep on moving its offices. Thank you in advance.
September 28th, 2008 at 4:36 am
Thanks for including me in your entry.