The Best Place to Find Mortgage Life Insurance
The surest way to find inexpensive mortgage life insurance is to look around for it. It is well worth the effort you will make, since you can literally save tens of thousands of dollars on mortgage life insurance.
One of the poorest decisions is to automatically take the insurance your lender offers.
If you shop on Infoprimes.com, you will be astonished at how much you may save over the policy of your lender. One Infoprimes.com shopper found a policy for $11.65 a month for his $200,000, 15 year mortgage that would have cost him $35.28 a month with his bank.
And saving big bucks is not the only reason you should shop for mortgage insurance at Infoprimes.com and not with your lender. We are all trying to save money today, and saving money on a new home is even more important. But there are other very serious reasons not to subscribe to your lender’s policy.
A major issue is that this insurance is frequently post claim policies, which means they are not issued until a claim is received. Once a claim is received, the policy may not be issued. These insurance firms can find many excuses not to issue the policy, saying it was incorrectly completed, or perhaps had false information. Do you want to buy a policy if you can’t be sure it is protecting your loved ones?
One other big problem is that these lender policies are not policies that belong to the homeowner. The rationale for this is that they are collective policies, under the control of the bank. Since they own and control the insurance, they can cancel it, and often do, if the borrower’s health changed when they do their periodic reviews. The policy will, in addition, be cancelled if you sell your home or refinance, since it is tied to the mortgage.
Some lenders may make it appear that this is the only option you have, but be advised that you don’t have to purchase their insurance. You can find the best premiums, and a policy more suited to your requirements, if you shop in Infoprimes.com, using the insurance calculator on the right.
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More Examples:
- $260000 mortgage insurance (life and disability) for a 29 years old male (non-smoker) and a 32 female (non-smoker): National Bank: $112.5 per month. InfoPrimes.com: $45.25 per month. Savings: $20175 over 25 years.
- $176000 mortgage insurance (life and disability) for a 49 years old female (smoker) and a 45 male (smoker): National Bank: $237.12 per month. InfoPrimes.com: $138.26 per month. Savings: $29658 over 25 years.
- $210000 mortgage insurance (life) for a 22 years old male (non-smoker): TD Canada Trust: $20.6 per month. InfoPrimes.com: $16.22 per month. Savings: $1840 over 35 years.
- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): National Bank: $63.45 per month. InfoPrimes.com: $36.41 per month. Savings: $6490 over 20 years.
- $400000 mortgage insurance (life and disability) for a 41 years old male (non-smoker): Royal Bank of Canada: $247.66 per month. InfoPrimes.com: $119.79 per month. Savings: $23017 over 15 years.
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