Is the easiest way to protect a cosigner in case of your death a life insurance policy? Has anyone done this in the past?
My sister is likely going to be co signing a 30y loan cash out refi for me and in the event I have some sort of accident and am no longer around, I don't want her on the hook for a mortgage on a property in which she is not on the deed. Any suggestions or pointing me in the proper direction would be greatly appreciated.
Not to protect my cosigner, but to protect my investors, one of my properties bought a life insurance naming it as a beneficiary. This was to make sure that there would be funds to pay someone to run, and later close out the deal.
Jeff, what company did you insure through, how much policy and who is the beneficiary of the property?
Basically what @Jeff Greenberg said. These are very common in the business world. Your insurance broker can help you get them.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.
New york life 10 year term policy
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