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What is the best way to shop and compare for disability insurance? 30 year term life insurance?

We want to buy a house and since stated income loans are no longer available, a friend has offered to cosign for us to help us get the loan we need. We want to be sure that no accident will keep me from being able to pay the mortgage so that we all can sleep soundly. Thanks for any advice!

Public Comments

1. An insurance broker can do all the shopping for you. The price is the same through the broker and they'll know the nuances of each company to get you the right plan with the right company. They're free, so use them. As far as your plan of having a friend cosign a loan....not a fan of that decision, but why you want coverage really has nothing to do with your question anyway. Perhaps you'd simply like your spouse to continue to live there. Finally....disability insurance companies don't work on stated income either. You'll need to pony up your tax returns, so if you write everything down to zero then you won't qualify for disability. It'll also affect how much life insurance you can get. Not sure which piece of information someone is thumbs-down or if they're just being an idiot. Regardless, you can buy a 40 year term Mr. Zargg. Perhaps answering questions in insurance isn't your thing.
2. disability insurance is totally different from life insurance and I doubt 30 yr term insur exists 20 yr is probably the longest level term policy you would be able to get if you need someone to co-sign for a mortgage, you shouldn't be buying a house and does that person even realize the implications of co-signing? for one thing, they have to have enough income to basically qualify for that additional mortgage in addition to all their debt, loans and mortgages - they'd have to be pretty rich to afford 2 full mortgages you will also need a 20% down payment
3. If he's cosigning for the loan, you realize he'll co-own the house with you, right? You realize what a nightmare this could be, if he dies? His HEIRS will own your house, and they can force the sale of it. Or move in, even if you don't want them to. The best way to shop and compare for disability and life insurance, is to use a local broker. Most of the "comparison" websites out there, are actually geared at harvesting your personal information to sell as leads, to LOTS of agents. Plus, you'll have to buy from someone licensed in YOUR state. Insurance isn't your problem. If you can put enough money down on the loan, you can buy the house anyway - as long as you declared your income on your taxes. If you didn't, well, that's what happens when you try to cheat the system - it comes back to haunt you later.