Hi forum,
Just registered so I could pick your mustachian brains about this.
My husband and I have just bought a condo. We've lived here for a year as tenants, and the owners offered to sell it to us. We love it, and got it for a good price as no agents were involved. (I know condo-owning is controversial here, but we're committed to it and happy!)
We are doing a private mortgage with his parents - seems like a win-win, and it means the interest payments stay in the family.
We'll have owners title insurance (seller pays for that I believe) but no lenders title insurance (told it's not necessary due to having OTI, and private lenders don't require it. Correct me if I'm missing something there?)
But his parents would like us to get a term life insurance policy for peace of mind. I'm highly qualified but not planning on working for next few years as we raise kids. DH is sole bread-winner currently, so for that reason we feel life insurance is probably a wise move.
Does anyone have any advice on obtaining a straight term insurance policy compared to a 'return of premium' policy (where if you stay alive for the 20 years of the policy, you get the premiums paid returned to you?)
Also, any frugal but comprehensive life insurance companies people would recommend?
Thanks muchly!