United Army Posted September 7, 2011 Posted September 7, 2011 Does this make any sense??? During our signing process at BPI yesterday, so our mortgage payments can start, the subject of life insurance came up. BPI has put life insurance on my wife since she is the principle borrower (she owns the townhouse and land it sits on) and her name is on the title. Here is the kicker, since the life insurance is on her, if she dies BPI will payoff the mortgage, if I die they will not pay off the mortgage. So since I'm paying the mortgage, and my wife does not work, she cannot afford to pay the mortgage if I was to die, like I said if I was to die BPI will not pay off the mortgage cuz I'm not covered under the life insurance, just my wife. If my wife dies, BPI will pay off the mortgage and I can stop paying the mortgage...does this make any sense? I would think BPI would put life insurance on me since I"m the one paying the mortgage. Link to comment Share on other sites More sharing options...
Mr Lee Posted September 7, 2011 Posted September 7, 2011 Welcome to the Philippines. :) Congratulations on finally getting your payments started and I find it neat as hell that you did not have to pay for a year. :thumbsup: Link to comment Share on other sites More sharing options...
Garpo Posted September 7, 2011 Posted September 7, 2011 It is my understanding that unless you are a natural filipino you can not own property here. If your should happen to die then her filipino family would have first rights to the property. Not you. If the title and mortgage is in your wife names, then the mortgage insurance would also be in her name. I think you might have mortgage insurance confused with regular life insurance. Link to comment Share on other sites More sharing options...
FlyAway Posted September 7, 2011 Posted September 7, 2011 Sounds like their version of mortgage insurance to me as well. It does make sense to insure the person on the paperwork. Banks or anyone for that matter could really care less who makes the actual payments. As long as they get the money to credit to a certain account that is all they care. You should look into a life insurance policy for yourself if you are concerned about the home being paid off in case of your untimely death. Or figure out a way to get your name legally on the paperwork. Gray area on that one as to what the definition of "Legal" is. Link to comment Share on other sites More sharing options...
United Army Posted September 7, 2011 Author Posted September 7, 2011 Sorry, yes it is mortgage insurance. But still odd... Link to comment Share on other sites More sharing options...
ekimswish Posted September 7, 2011 Posted September 7, 2011 Looks like your wife never heeded Kuya Lee's advice: make yourself worth more alive than dead.... uh oh. Link to comment Share on other sites More sharing options...
Mr Lee Posted September 7, 2011 Posted September 7, 2011 Looks like your wife never heeded Kuya Lee's advice: make yourself worth more alive than dead.... uh oh. Actually he is worth more alive than dead because without him, no mortgage payments. Now even with the insurance on his wife, and knowing United Army, his wife and his daughter in person, I feel she is totally safe. :cheersty: Now if he gets mortgage or life insurance on himself, then he might be worth more dead than alive, but his wife is a great lady and I feel he is totally safe, yet under normal circumstances, and until a person knows his wife and family totally, I would say go without life insurance until such time as a person feels totally sure of both. The issue many do not seem to understand about the Philippines, is that your wife can be an angel, and never have any thoughts of hurting you, yet it only takes one in her family, or even distant family, who gets wind of the possible windfall that she might get upon your demise, and knows that because of the Filipino way of helping family, that with a sob story, that they would probably get their hands on some of it, and especially if that windfall was more than most could ever dream of making in a lifetime. Most of us have dollar signs tattooed on our foreheads that we cannot see, but they can see clearly. Now with that said, I totally trust my wife, and most of her family, and my wife keeps things private from her family about our finances except to tell them that once I die, my pension and social security stops (which is true), so I am worth more alive than dead to her family, since we always help them out in real emergencies and give food and clothing and household items to them all the time, and I do not have life insurance. Link to comment Share on other sites More sharing options...
Bruce Posted September 7, 2011 Posted September 7, 2011 Looks like your wife never heeded Kuya Lee's advice: make yourself worth more alive than dead.... uh oh. Actually he is worth more alive than dead because without him, no mortgage payments. Now even with the insurance on his wife, and knowing United Army, his wife and his daughter in person, I feel she is totally safe. :cheersty: Now if he gets mortgage or life insurance on himself, then he might be worth more dead than alive, but his wife is a great lady and I feel he is totally safe, yet under normal circumstances, and until a person knows his wife and family totally, I would say go without life insurance until such time as a person feels totally sure of both. The issue many do not seem to understand about the Philippines, is that your wife can be an angel, and never have any thoughts of hurting you, yet it only takes one in her family, or even distant family, who gets wind of the possible windfall that she might get upon your demise, and knows that because of the Filipino way of helping family, that with a sob story, that they would probably get their hands on some of it, and especially if that windfall was more than most could ever dream of making in a lifetime. Most of us have dollar signs tattooed on our foreheads that we cannot see, but they can see clearly. Now with that said, I totally trust my wife, and most of her family, and my wife keeps things private from her family about our finances except to tell them that once I die, my pension and social security stops (which is true), so I am worth more alive than dead to her family, since we always help them out in real emergencies and give food and clothing and household items to them all the time, and I do not have life insurance. And since I have known Lee for 20 years, I do find it amazing that his wife has let him live this long! Very strange, very strange..... All of his Kano friends figured she would have snapped years ago and taken him on a splunking trip in some cave on Mindenao.... I am sure when she writes her book it will be a best seller...... Link to comment Share on other sites More sharing options...
ekimswish Posted September 10, 2011 Posted September 10, 2011 Looks like your wife never heeded Kuya Lee's advice: make yourself worth more alive than dead.... uh oh. Actually he is worth more alive than dead because without him, no mortgage payments. Now even with the insurance on his wife, and knowing United Army, his wife and his daughter in person, I feel she is totally safe. :unsure: Now if he gets mortgage or life insurance on himself, then he might be worth more dead than alive, but his wife is a great lady and I feel he is totally safe, yet under normal circumstances, and until a person knows his wife and family totally, I would say go without life insurance until such time as a person feels totally sure of both. The issue many do not seem to understand about the Philippines, is that your wife can be an angel, and never have any thoughts of hurting you, yet it only takes one in her family, or even distant family, who gets wind of the possible windfall that she might get upon your demise, and knows that because of the Filipino way of helping family, that with a sob story, that they would probably get their hands on some of it, and especially if that windfall was more than most could ever dream of making in a lifetime. Most of us have dollar signs tattooed on our foreheads that we cannot see, but they can see clearly. Now with that said, I totally trust my wife, and most of her family, and my wife keeps things private from her family about our finances except to tell them that once I die, my pension and social security stops (which is true), so I am worth more alive than dead to her family, since we always help them out in real emergencies and give food and clothing and household items to them all the time, and I do not have life insurance. I meant that "she's" not worth as much to "him" now, so that he could.... well... you know ;) I'm just kidding anyways. I'm sure he loves her.... but if they ever have a fight now.... hehehe Link to comment Share on other sites More sharing options...
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