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Considering mortgage life
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November 30, 2000: 7:11 a.m. ET
Also: identity theft and term life insurance questions answered by expert
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NEW YORK (CNNfn) - Mortgage life insurance should only be bought if you have trouble getting term life insurance. And insurance products that cover identity theft are still too new to the market to determine if they'll stick around for the long haul.
If you have a question about insurance, here's your chance to find out the facts from a group of industry experts at the Consumer Federation of America (CFA).
Check back each week to read the latest Q&A on our Insurance page.
Send CNNfn your insurance questions at insurance@cnnfn.com. Don't forget to include your name and home town. And keep in mind, not all questions can be answered.
Question: I would like to get your advice on insurance that will pay for the mortgage if something happens to one of the owners. Please provide as much information as possible.
Answer: Mortgage life insurance should be bought only if you have trouble buying term life insurance and you determine that mortgage life is better -- perhaps because the health test is less severe. Do not make the mistake of buying life insurance to cover a mortgage. Buy it in sufficient quantities to cover all the future expenses of owning a home (including property taxes and upkeep), buying food, and so forth. That should come to a lot more than the mortgage. - Jim Hunt, CFA
Question: What is the best life insurance that is only one policy but covers both the husband and the wife and is term insurance?
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 TERM LIFE INSURANCE
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Term life is sold to remain in force until age 80 or longer. Try Term4Sale.com. In general, a 57-year-old should buy a whole life policy only if he holds it until death. Anyone, particularly if in his 50's and beyond when rpemiums are higher and commissions astonishing, should get any cash value policy checked out at CFA's service found at CFA.
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Answer: We do not recommend one term life policy that covers a couple, mainly because this market is neither large nor vigorously competitive. Buy separate policies. Alas, there are also too many divorces for this kind of policy to work out in the long run. - Jim Hunt, CFA
Question: Who sells identity theft insurance?
Answer: Our state insurance department can tell you who has started selling this coverage in your state. But beware, this is so new that we can't recommend it. It seems to have very little coverage in it. We always worry about "trendy" policies that appear and, frequently, soon disappear again. So read the policy carefully and be sure it has real protection at a price that you think is fair. - Jim Hunt, CFA
Question: What is the best way to calculate the amount of insurance a person needs? Also, on a whole life type policy, to what age should the policy be in force for a male present age of 57?
Answer: Term life is sold to remain in force until age 80 or longer. Try Term4Sale.com. In general, a 57-year-old should buy a whole life policy only if he holds it until death. Anyone, particularly if in his 50's and beyond when premiums are higher and commissions astonishing, should get any cash value policy checked out at CFA's service found at CFA. – Jim Hunt, CFA 
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CNNfn: Insurance
CFA
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