You won’t be turned off by the expense of mortgage life insurance if you shop around. When you see the amount of money you can save on your mortgage life insurance, you will realize it was well worth the effort.

Don’t robotically subscribe to the policy your bank will invariably offer to you.

You can do a lot better by looking on line with Infoprimes.com How about a policy on a $200,000, 5.9%, 15 year mortgage that was quoted by the bank at $35.28 per month but cost only $11.28 on Infopromes.com?

So if you want to save money in a big way, do not settle for the insurance that your lender offers to you. Times are difficult, and we all are looking for every way possible to save money, especially if you just bought a new home. There are other issues that you should understand with a policy from your bank.

The most serious flaw is that the policies are often post claim, and the insurance is not in place until a claim is received. This means that the insurer can decide not to honor the claim. These insurance firms can find many excuses not to issue the insurance, saying it was incorrectly completed, or perhaps had false information. What is the benefit of an insurance policy that may not be there when you need it?

The next problem that arises is that these policies do not belong to the insured, but to the lender. This is because they are collective policies rather than a traditional individual policy. With this control, the lender can cancel the policy when they want, and they often do periodic reviews for an opportunity to cancel the policy if the insured’s health has deteriorated. In addition, the insurance absolutely will be cancelled if you switch lenders.

Some banks may make it appear that this is the only option you have, but be advised that you don’t have to take their insurance. For the best rates, and the right type of insurance that will protect you, you only have to look atthe rates on Infoprimes.com, by using the insurance calculator on the right.

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More Examples:

- $310000 mortgage insurance (life) for a 51 years old female (non-smoker): Laurentian Bank: $250.05 per month. InfoPrimes.com: $49.76 per month. Savings: $48070 over 20 years.

- $109500 mortgage insurance (life and disability) for a 25 years old male (non-smoker): Bank of Montreal: $19.77 per month. InfoPrimes.com: $15.69 per month. Savings: $1224 over 25 years.

- $95000 mortgage insurance (life, disability and critical illness) for a 41 years old male (non-smoker) and a 43 female (smoker): National Bank: $169.79 per month. InfoPrimes.com: $95.59 per month. Savings: $22260 over 25 years.

- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): Scotia Bank: $62.81 per month. InfoPrimes.com: $36.41 per month. Savings: $6336 over 20 years.

- $100000 mortgage insurance (life) for a 46 years old male (non-smoker): Royal Bank of Canada: $43.6 per month. InfoPrimes.com: $34.96 per month. Savings: $2074 over 20 years.

Regina, Saskatchewan is located in the southern part of the province and is its second largest city as well as its capital. Regina was previously the headquarters of the Northwest Territories, which were comprised of most of Saskatchewan and Alberta. The city was named in 1882 for Queen Victoria, (Regina means queen in Latin) by Princess Louise who was the wife of the then Governor of the Territory.
Regina has no large body of water, so early city planners dammed the Wascana Creek, to create a lake south of the business section of the city and built a 840 foot long bridge over the lake. Wascana Centre is located on this lake, and most of the important buildings in the city are located there. There is also a burgeoning historic center in the old warehouse district.
Regina gained national attention in 1885 during the North West Rebellion when troops were transported on the Canadian Pacific Railway from eastern Canada to Qu’Appelle Station for deployment against the rebellious army of Louis Riel. Riel was tried and hanged in Regina. He was a hated figure in Anglophone Canada, and so Regina was considered a patriotic town.

Saskatchewan, Canada, is considered a prairie province located just about in the middle of the nation, with a southern border that runs to the frontier of the United States, with something over millions residents, 223,000 in its largest city, Saskatoon and 194,971 in its capital, Regina. The name of Saskatchewan is taken from the vocabulary of the indigenous people, the Crees, and its meaning is swiftly flowing river, after the Saskatchewan River Saskatchewan is one of two Canadian provinces that is landlocked, the other being Alberta; it is bound on the north by the Northwest Territories, and on the south by two states of the United States, Montana and North Dakota. The indigenous peoples of the Cree, Sioux, Algonquin and others lived in the area before the arrival of the Europeans, with the first European explorations by Henry Kelsey in 1690 and the first European settlement at Cumberland House, established by the Hudson Bay Company in 1774. Saskatchewan grew rapidly as soon as the Canadian Pacific Railway was constructed in the 1880’s, and a government homesteading program that gave willing settlers ¼ square mile of land, with an additional ¼ once a settlement was built; this population growth led to the Saskatchewan becoming a province in 1905.

Seek and ye shall find-the perfect mortgage life insurance for you and your loved ones. When you see the amount of cash you can save on your mortgage life insurance, you will realize it was well worth the effort.

Taking the insurance offered by your bank is probably the worst and most expensive way.

For a good comparison of quotes, just check online at Infoprimes.com. One case in point is a policy that was quoted at $35.28 for a 5.9%, 15 year, $200,000 loan by a lender and only $11.65 a month on Infoprimes.com.

Lower premiums is just one of the reasons you should shop for mortgage life insurance at Infoprimes.com rather than your bank. I don’t think there are very many people out there who are not interested in saving money right now. This is because many of the bank’s policies have serious flaws.

A major problem, and one that is gaining notoriety, is that they are often “post claim policies” that do not go into effect until a claim is received. When a claim is received, the insurer may merely deny it. There are any amount of reasons that the insurance may be denied, but one of the most usual ones are that you did not fill out the forms properly, or you “lied” on the form. I don’t know about you, but I sure don’t want a policy that I wasn’t sure was in force.

One other issue that is difficult is that these bank policies belong to the lender, not the borrower. The reason is because they are collective policies rather than a traditional individual insurance. Since they own and control the policy, they can cancel it, and frequently do, if the borrower’s health changed when they do their periodic reviews. The policy will, of course, be cancelled if you sell your house or refinance, since it is tied to the mortgage.

Many unscrupulous lenders will infer that mortgage life insurance is only obtainable from them; don’t be fooled, you CAN obtain your own insurance. All that you need to do is compare prices on the Infoprimes.com calculator at the right, and you will learn how you can save thousands on mortgage life insurance.

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More Examples:

- $310000 mortgage insurance (life) for a 51 years old female (non-smoker): Laurentian Bank: $250.05 per month. InfoPrimes.com: $49.76 per month. Savings: $48070 over 20 years.

- $176000 mortgage insurance (life and disability) for a 49 years old female (smoker) and a 45 male (smoker): Royal Bank of Canada: $164 per month. InfoPrimes.com: $138.26 per month. Savings: $7722 over 25 years.

- $210000 mortgage insurance (life) for a 22 years old male (non-smoker): CIBC: $18.31 per month. InfoPrimes.com: $16.22 per month. Savings: $878 over 35 years.

- $85000 mortgage insurance (life and disability) for a 38 years old male (non-smoker): Royal Bank of Canada: $30.39 per month. InfoPrimes.com: $21.73 per month. Savings: $2598 over 25 years.

- $219000 mortgage insurance (life and disability) for a 29 years old male (non-smoker) and a 25 female (non-smoker): Royal Bank of Canada: $38.67 per month. InfoPrimes.com: $25.91 per month. Savings: $3828 over 25 years.

Montreal, Quebec is the second largest city in Canada and the largest city in the province of Quebec, with a population of over 3.5 million people. It is located in the southwest of the province, and is primarily an island at the confluence of the St. Lawrence River and the Ottawa River. It was originally named Ville Marie, but the current name is taken from the hill that is in the center of the city, Mont Royal. (The archaic French was Mont Real.) It is a largely Francophone city, with 70.5% of the population speaking French.
Before the arrival of the Europeans, the Iroquois occupied a village at the foot of Mont Royal. The French explorer Cartier visited this area in 1535 and claimed it for France. When explorer de Champlain visited the area, the Iroquois settlement had disappeared, most likely due to inter tribal wars, migration and diseases introduced by Europeans. In 1611, a fur trading post was established at the confluence of the Saint Pierre and St. Lawrence rivers. In 1639, a Roman Catholic mission was established there.
It was a French colony until 1760, when it was surrendered to Great Britain. In 1832, Montreal was incorporated as a city and the construction of the Lachine Canal and the Victoria Bridge spurred growth in the mid 19th century that established Montreal as the largest city in British North America, as well as the commercial and cultural capital of Canada.

Quebec is an usual province and celebrates this feature in a number of ways, the most important of which may be that its official language is French. Quebec is physically the largest province in Canada and the second most populous province and is bordered on its south by four states of the United States, Maine, New Hampshire, Vermont and New York. Another unusual feature of the province of Quebec is its search for independence; all of the political parties seek more autonomy for the province, and referendums on independence have been held periodically to the extent that the government of Canada recognizes Quebec as a “nation within a united Canada”. Like many provinces and regions in Canada, Quebec gets its name from a Native Canadian word, the Algonquin word for “where the river narrows”, which refers to where the Saint Lawrence River narrows in the Quebec City area. The province was founded after the Treaty of Paris, ending the Seven Years War, transferred it to Britain from France in 1763, but after the Constitutional Act of 1791 divided the territory between lower Canada, which is present day Quebec and upper Canada, which is present day Ontario.

Everybody should have mortgage life insurance so that, in case they die, their family can continue to reside in the family home. Let’s not bury our heads in the sand and not discuss this important issue, since by doing so leaves your family unprotected.

The next most important thing to realize is that many policies are decreasing term, which means the value of the policy decreases over the years.

Now, however, with so many homeowners refinancing, it usually makes more sense to get mortgage life insurance that doesn’t decrease. Here is where there is a big difference between a lender’s insurance and an insurance firm’s insurance.

If you are offered insurance by your lender, it will usually be a decreasing one. You will have no insurance protection after a certain number of years. You are not able to use this policy if you move to another house, or refinance with another lender. If you obtained your insurance from your bank or lender, once he is not in the picture, so is your insurance! People today frequently refinance their houses, or sell to move to a more suitable home and need the coverage to stay constant.

However, if you are wise enough to get your mortgage life insurance from a professional insurance broker, you will keep the policy, through different homes and different lenders.

Many people do not realize how important this benefit is. Another factor to consider is that working with an insurance professional will give you a distinct advantage over working with a bank professional who really doesn’t understand insurance policies.

The fact that you, and not the lender own and control the mortgage life insurance policy. Otherwise, the bank or lender retains total control over the insurance. The lender can, and does set limiting clauses that may endanger the policy, for example reviews every few years.

This means that the policy can be annulled if your health state changes, just when you need your policy the most.

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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.

- $125000 mortgage insurance (life) for a 47 years old male (non-smoker): Bank of Montreal: $58.59 per month. InfoPrimes.com: $24.98 per month. Savings: $8066 over 20 years.

- $210000 mortgage insurance (life) for a 22 years old male (non-smoker): Scotia Bank: $19.57 per month. InfoPrimes.com: $16.22 per month. Savings: $1407 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.

- $190000 mortgage insurance (life) for a 32 years old female (non-smoker) and a 32 male (non-smoker): CIBC: $37.28 per month. InfoPrimes.com: $15.31 per month. Savings: $9227 over 35 years.

Toronto, Ontario is located in southern Ontario on the northwestern shore of Lake Ontario, and is the most populous city in Canada, and the capital of the province of Ontario. It has over 2.5 million residents and is the heart of the Greater Toronto Area, and in the densely populated region of Canada known as the Golden Horseshoe. The Greater Toronto Area has a population of over million people.
Toronto is one of the top financial centers in the world, the home of the Toronto Stock Exchange and the majority of Canada’s corporations. Because of Toronto’s international standing, it has become a magnet for immigrants to Canada: about 49% of the population of Toronto were born outside of Canada. The city has low crime rates, a clean environment, and a high standard of living, consistently earning it the rating as one of the most livable cities by the Economist Intelligence Unit.

Ontario is not just the largest province according to population in Canada, with 13 million residents, it is claims the second largest by area. The borders of Ontario are mostly formed by the great lakes, with Canada on one side of five of them and the United States on the other; Ontario is the only Canadian province that is situated on a great lake. The name of this province comes from one of these great lakes, Ontario, which is said to be the Huron word meaning “great lake”. The area that is currently Ontario, and was one of the four original provinces that formed the nation of Canada in 1867, was lived in by the Algonquins in the west, and the Iroquois and the Huron in the east. A battle of wills took place for the control of the area between the French and English in the early 17th century, with Henry Hudson claiming it for the English, and de Champlain claiming it for the French.

Everybody should have mortgage life insurance so that, in case they die, their family can continue to reside in the family home. Let’s not bury our heads in the sand and not discuss this important issue, since by doing so leaves your family unprotected.

The next most important thing to realize is that many policies are decreasing term, which means the value of the policy decreases over the years.

Now, however, with so many homeowners refinancing, it usually makes more sense to get mortgage life insurance that doesn’t decrease. Here is where there is a big difference between a lender’s insurance and an insurance firm’s insurance.

If you are offered insurance by your lender, it will usually be a decreasing one. You will have no insurance protection after a certain number of years. You are not able to use this policy if you move to another house, or refinance with another lender. If you obtained your insurance from your bank or lender, once he is not in the picture, so is your insurance! People today frequently refinance their houses, or sell to move to a more suitable home and need the coverage to stay constant.

However, if you are wise enough to get your mortgage life insurance from a professional insurance broker, you will keep the policy, through different homes and different lenders.

Many people do not realize how important this benefit is. Another factor to consider is that working with an insurance professional will give you a distinct advantage over working with a bank professional who really doesn’t understand insurance policies.

The fact that you, and not the lender own and control the mortgage life insurance policy. Otherwise, the bank or lender retains total control over the insurance. The lender can, and does set limiting clauses that may endanger the policy, for example reviews every few years.

This means that the policy can be annulled if your health state changes, just when you need your policy the most.

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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): Royal Bank of Canada: $96.29 per month. InfoPrimes.com: $45.25 per month. Savings: $15312 over 25 years.

- $176000 mortgage insurance (life and disability) for a 49 years old female (smoker) and a 45 male (smoker): Bank of Montreal: $190.47 per month. InfoPrimes.com: $138.26 per month. Savings: $15663 over 25 years.

- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): Scotia Bank: $62.81 per month. InfoPrimes.com: $36.41 per month. Savings: $6336 over 20 years.

- $219000 mortgage insurance (life and disability) for a 29 years old male (non-smoker) and a 25 female (non-smoker): Laurentian Bank: $60.73 per month. InfoPrimes.com: $25.91 per month. Savings: $10446 over 25 years.

Ottawa, Ontario, a city located in the eastern part of southern Ontario, in the Ottawa Valley, is the capital of the province of Ontario. It lies along the southern banks of the Ottawa River, which forms the boundary between Ontario and Quebec.
Ottawa has a population of over 800,000, and it the 4th largest municipality in the country.
The Ottawa area was home to the Odawa First Nations people, part of the Algonquin tribe. The Algonquins have never relinquished any claim on their land to the Canadian government, and as recently as 2008 asserted that they have rights to the Ottawa River watershed, including all of its natural resources.
The area was first settled by Philemon Wright from Massachusetts who brought his and five other families and 25 laborers to the area in 1800, to start a community there. Wright started transporting White Pine lumber by river from Ottawa to Montreal and the area became a booming lumber trade area.

Ontario is not just the largest province according to population in Canada, with 13 million residents, it is claims the second largest by area. The borders of Ontario are mostly formed by the great lakes, with Canada on one side of five of them and the United States on the other; Ontario is the only Canadian province that is situated on a great lake. The name of this province comes from one of these great lakes, Ontario, which is said to be the Huron word meaning “great lake”. The area that is currently Ontario, and was one of the four original provinces that formed the nation of Canada in 1867, was lived in by the Algonquins in the west, and the Iroquois and the Huron in the east. A battle of wills took place for the control of the area between the French and English in the early 17th century, with Henry Hudson claiming it for the English, and de Champlain claiming it for the French.

Affordable life insurance is available for homeowners if they opt for level term life insurance. Let’s look at the reasons for its inexpensiveness, as well as other benefits. You buy this type of policy for the period of time that you believe you will have a mortgage, such as 30 years, 25 years, 20 years etc. The policies you will usually see when your lender talks to you regarding mortgage life insurance are decreasing term policies.

The benefits of fixed term life insurance go beyond the affordable price. The purpose of mortgage life insurance is to pay off the mortgage in the case of your death, so mortgage life insurance does just that. Since the proceeds of the policy do not go through the heirs, but rather directly to the bank, you can be sure the home loan will be paid. The idea is that the money goes directly to the bank, and your family is assured of continuing to live in their home.

The type of mortgage life insurance that banks offer is usually decreasing term, so that the amount of insurance, and therefore the protection, decreases over time. The concept is that the home loan also goes down in value over the years.

The lender controls this kind of a policy, so if you do change your home loan, you will lose your insurance coverage. Perhaps you don’t want your mortgage insurance to decrease in this manner?

This is better for today’s homeowners who tend to change mortgages more because they change homes or they refinance frequently. How many people nowadays do not have five, six or seven mortgages in their lifetime? Mortgage life insurance from an insurance company is your policy, not the bank’s policy and you therefore can keep it even if you obtain a new mortgage.

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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.

- $125000 mortgage insurance (life) for a 47 years old male (non-smoker): CIBC: $58.59 per month. InfoPrimes.com: $24.98 per month. Savings: $8066 over 20 years.

- $160000 mortgage insurance (life) for a 50 years old male (non-smoker): Scotia Bank: $66.27 per month. InfoPrimes.com: $37.08 per month. Savings: $5254 over 15 years.

- $153000 mortgage insurance (life and disability) for a 28 years old female (non-smoker) and a 31 male (non-smoker): Royal Bank of Canada: $54.43 per month. InfoPrimes.com: $32.54 per month. Savings: $9194 over 35 years.

- $100000 mortgage insurance (life) for a 46 years old male (non-smoker): Royal Bank of Canada: $43.6 per month. InfoPrimes.com: $34.96 per month. Savings: $2074 over 20 years.

Mississauga, Ontario is located in southern Ontario on Lake Ontario and is considered part of the Greater Toronto area. It was incorporated in 1974, and had 668,549 residents as of the census of 2006. It had the largest population growth in Canada from 1986 to 1991, with a growth rate of 17.5%. Mississauga is now the fourth most populous incorporated municipality on the Great Lakes, larger even than Milwaukee or Cleveland.
Before Europeans arrived in the 1600s, Iroquois and Algonquin lived in this area. One of the First Nations groups that European traders found here were the Mississaugas, a tribe that had driven the Iroquois from the area.
Mississaugas was formerly Toronto Township, which was formed in 1805 out of land purchased from the Mississaugas. The area was opened for settlement in 1806 and parts of it were given by the British Crown to Loyalists who fled from America after the defeat of the British in the American Revolution.

Ontario, Canada is the second largest in area, after Quebec, and the most populated province in Canada, claiming over 13 million residents. Ontario straddles the border of the United States, with borders on five American states, formed primarily by natural borders, such as the great lakes Superior, Huron, Erie and Ontario and Ontario is the only Canadian province that borders the Great Lakes. The province got its name from the great lake of Ontario, fittingly named after the Huron word that means “great lake”. The area that is now Ontario, and was one of the four original provinces forming the nation of Canada in 1867, was lived in by the Algonquins in the west, and the Iroquois and the Huron in the east. A battle of wills took place for the control of the region between the French and English in the early 17th century, with Henry Hudson claiming it for the English, and de Champlain doing so it for the French.

Affordable life insurance is available for homeowners if they opt for level term life insurance. Let’s look at the reasons for its inexpensiveness, as well as other benefits. You buy this type of policy for the period of time that you believe you will have a mortgage, such as 30 years, 25 years, 20 years etc. The policies you will usually see when your lender talks to you regarding mortgage life insurance are decreasing term policies.

The benefits of fixed term life insurance go beyond the affordable price. The purpose of mortgage life insurance is to pay off the mortgage in the case of your death, so mortgage life insurance does just that. Since the proceeds of the policy do not go through the heirs, but rather directly to the bank, you can be sure the home loan will be paid. The idea is that the money goes directly to the bank, and your family is assured of continuing to live in their home.

The type of mortgage life insurance that banks offer is usually decreasing term, so that the amount of insurance, and therefore the protection, decreases over time. The concept is that the home loan also goes down in value over the years.

The lender controls this kind of a policy, so if you do change your home loan, you will lose your insurance coverage. Perhaps you don’t want your mortgage insurance to decrease in this manner?

This is better for today’s homeowners who tend to change mortgages more because they change homes or they refinance frequently. How many people nowadays do not have five, six or seven mortgages in their lifetime? Mortgage life insurance from an insurance company is your policy, not the bank’s policy and you therefore can keep it even if you obtain a new mortgage.

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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): Royal Bank of Canada: $164 per month. InfoPrimes.com: $138.26 per month. Savings: $7722 over 25 years.

- $95000 mortgage insurance (life, disability and critical illness) for a 41 years old male (non-smoker) and a 43 female (smoker): National Bank: $169.79 per month. InfoPrimes.com: $95.59 per month. Savings: $22260 over 25 years.

- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): TD Canada Trust: $66.74 per month. InfoPrimes.com: $36.41 per month. Savings: $7279 over 20 years.

- $190000 mortgage insurance (life) for a 32 years old female (non-smoker) and a 32 male (non-smoker): CIBC: $37.28 per month. InfoPrimes.com: $15.31 per month. Savings: $9227 over 35 years.

Kingston, Ontario is located in the southeastern part of Ontario, at the eastern end of Lake Ontario, where it flows into the St. Lawrence River. The population of the metropolitan area of Kingston is over 150,000.
It is known as the Limestone City because so many of the historic buildings were constructed from the local limestone.
In 1673, the French established Fort Cataraqui, later called Fort Frontenac at a site of a Mississaugas First Nation settlement. During the Seven Years War, the fort was destroyed by the British in the Battle of Fort Frontenac in 1758. It became a center for Loyalists fleeing America after the American Revolution and grew into a primary British community of this area at the end of the 18th century.
Its location at the Rideau Canal entrance to Lake Ontario, made Kingston a primary military and economic centre of Upper Canada. It was incorporated as a town in 1838, and has the largest population of any area of Upper Canada until the 1840’s. It was incorporated as a town in 1846. It was chosen as the first capital of the united Canadas and held that role from 1841 to 1844. The city was considered too small and its location made it vulnerable to attacks by the Americans. Therefore, the capital was moved a number of times and ultimately to Ottowa in 1857. Due to this, Kingston’s growth and influence slowed.

Ontario, Canada is the second largest in area, after Quebec, and the most populated province in Canada, claiming over 13 million residents. Ontario straddles the border of the United States, with borders on five American states, formed primarily by natural borders, such as the great lakes Superior, Huron, Erie and Ontario and Ontario is the only Canadian province that borders the Great Lakes. The province got its name from the great lake of Ontario, fittingly named after the Huron word that means “great lake”. The area that is now Ontario, and was one of the four original provinces forming the nation of Canada in 1867, was lived in by the Algonquins in the west, and the Iroquois and the Huron in the east. A battle of wills took place for the control of the region between the French and English in the early 17th century, with Henry Hudson claiming it for the English, and de Champlain doing so it for the French.

If you look on the right site, you will find mortgage life insurance that is reasonable and will afford you the proper protection. All this additional work will pay off when you find out that you can save megabucks with your mortgage life insurance.

Don’t automatically subscribe to the policy your bank will invariably offer to you.

All you have to do is compare online at Infoprimes.com and you will have the choice of insurance companies. Take your lender’s quote and tell them you’ll get back to them; then compare it to Infoprimes.com and see whether you save thousands of dollars like most of our clients do.

So if you want to save money in a major way, do not settle for the policy that your bank offers to you. We are all trying to save money today, and saving money on a new home is even more critical. Many of these lender policies have some serious problems you should be alerted to.

A major problem, and one that is gaining notoriety, is that they are frequently “post claim policies” that do not come into effect until a claim is received. When the claim is received, the insurer may simply deny it. These insurance companies can find many excuses not to issue the insurance, saying it was incorrectly completed, or perhaps had false information. Do you want to buy a policy that you can’t be sure it is protecting your family?

An added concern is that these are not “personal” insurance policies, owned by the insured. They are a special type of policy that is a collective policy and the bank controls it, not the borrower. Since they own and control the insurance, they can cancel it, and frequently do, if the borrower’s health changed when they do their periodic evaluations. In addition, the insurance absolutely will be cancelled if you switch banks.

Many unprincipled lenders will infer that mortgage life insurance is only available from them; don’t be fooled, you CAN obtain your own insurance. You can quickly and easily find great rates and a policy that truly protects you if you shop on line at Infoprimes.com, and use the calculator at left to start saving money!

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More Examples:

- $180000 mortgage insurance (life) for a 41 years old male (non-smoker) and a 36) and a female (non-smoker) :TD Canada Trust: $66.71 per month. InfoPrimes.com: $48.33 per month. Savings: $3308 over 15 years.

- $125000 mortgage insurance (life) for a 47 years old male (non-smoker): Laurentian Bank: $68.13 per month. InfoPrimes.com: $24.98 per month. Savings: $10356 over 20 years.

- $210000 mortgage insurance (life) for a 22 years old male (non-smoker): National Bank: $25.18 per month. InfoPrimes.com: $16.22 per month. Savings: $3763 over 35 years.

- $153000 mortgage insurance (life and disability) for a 28 years old female (non-smoker) and a 31 male (non-smoker): Bank of Montreal: $59.23 per month. InfoPrimes.com: $32.54 per month. Savings: $11210 over 35 years.

- $208000 mortgage insurance (life) for a 37 years old male (non-smoker) and a 40 female (non-smoker): CIBC: $63.48 per month. InfoPrimes.com: $36.55 per month. Savings: $8079 over 25 years.

Halifax, Nova Scotia is located in southern Nova Scotia and is the capital of the province. It has a population of approximately 375,000, making it the largest urban area in Atlantic Canada. The urban area of Halifax is a major economic center, with many large employers located there, including the Department of National Defense and the Port of Halifax. The rural areas surrounding Halifax are centers of the farming, fishing, mining and gas extraction industries.
The region that is present day Halifax was originally settled by the Mi’kmaq Native Peoples, who called it Jipugtug, which means great harbor. The first permanent European settlement was founded in 1749 as the Town of Halifax when it was named the colonial capital, replacing Annapolis Royal.

The coastline of Halifax is 250 miles long, which accounts for its large fishing industry, and is made up of mostly rock with small sandy beaches. The inland areas of Halifax range from fertile agricultural lands to rolling hills, covered with forests.

Located on the southeast coast of Canada, Nova Scotia is the second smallest province in the country, with an area of only 21,300 square miles, but is its second most densely populated. The indigenous peoples of the area were the Mi’gma’gi people and then the first European settlement was established by the French at Port Royal in 1604, establishing Acadia; however, the British took intermittent control between 1713 and 1760, at one point establishing their own capital of Halifax. Nova Scotia is one of the four original provinces to for become the country of Canada in 1867. Nova Scotia is a maritime province, almost completely surrounded by the Atlantic Ocean. It is believed that the Italian explorer John Cabot visited what is now Nova Scotia in 1497 and after settlement by the French in 1604, Britain, in 1620, designated all of the shoreline along the Atlantic, from Acadia to the Chesapeake Bay as New England, then Scottish settlers attempted a settlement; this see-saw ownership continued throughout the 18th Century, culminating with the British requiring a pledge of allegiance by all of the Acadians; those who refused were expelled in what is today known as the Great Expulsion.

Your best bet for affordable mortgage life insurance is level term life insurance. In addition to being the most reasonable, it has many other advantages over other types of insurance. A level term policy is designed for the period that suits the term of the mortgage, such as 15, 20 or 25 years. These are different than the policies lenders typically sell, which are decreasing term.

These issues make fixed term mortgage life insurance much more beneficial. Since the real purpose of it is to pay down your mortgage if you pass away, the proceeds do not go through your heirs, but are paid directly to the lender. The mortgage lender is paid off, so you know that your family will be able to keep their home. This means that the mortgage is paid off at once, and your family will not have financial concerns.

Lenders’ policies are usually decreasing term, which means the amount of insurance decreases over the term of the policy. This may have worked years ago when homeowners stayed in one house and the outstanding balance of the home loan went down steadily.

This means that the insurance policy is linked to the mortgage, so any change in the home loan negates the coverage. There is agood reason why you may not want your mortgage insurance to decrease over the life of the mortgage.

This is better for today’s homeowners who tend to switch mortgages more because they change homes or they refinance more. How many people nowadays do not have five, six or seven mortgages in their lifetime? If your mortgage life insurance is from a traditional insurance firm, rather than from your bank, the policy is yours, and you keep it even if you switch mortgage companies.

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More Examples:

- $310000 mortgage insurance (life) for a 51 years old female (non-smoker): Bank of Montreal: $216.26 per month. InfoPrimes.com: $49.76 per month. Savings: $39960 over 20 years.

- $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): Laurentian Bank: $102.54 per month. InfoPrimes.com: $76.11 per month. Savings: $7929 over 25 years.

- $95000 mortgage insurance (life, disability and critical illness) for a 41 years old male (non-smoker) and a 43 female (smoker): National Bank: $169.79 per month. InfoPrimes.com: $95.59 per month. Savings: $22260 over 25 years.

- $153000 mortgage insurance (life and disability) for a 28 years old female (non-smoker) and a 31 male (non-smoker): National Bank: $64.79 per month. InfoPrimes.com: $32.54 per month. Savings: $13545 over 35 years.

- $208000 mortgage insurance (life) for a 37 years old male (non-smoker) and a 40 female (non-smoker): Scotia Bank: $72.55 per month. InfoPrimes.com: $36.55 per month. Savings: $10800 over 25 years.

The province of Newfoundland and Labrador, the province which is furthest east of Canada and contains those two main areas plus over 7,000 small islands. The area of Newfoundland is a geologically important area known as the Canadian Shield, which contains tectonic plates such as in the Gros Morne National Park, designated a World Heritage Site, and the northernmost part of the Appalachian Mountains, the Long Range Mountains. The province joined Canada in 1949- prior to that, it was a colony of the United Kingdom; it has a population of a little over one half a million people, with 94% of them living on the Island of Newfoundland. Newfoundland is simply “new found land” in English, while Labrador is named for the Portuguese explorer of the region, Joao Fernandes Lavrador. The oldest European contact was made by the Vikings who settled in L’Anse aux Meadows, but European settlement was permanently founded when Cabot, Cartier and other explorers re-discovered the area and fisherman from England, Ireland, Portugal and France started to explore and settle the area. When Sir Humphrey Gilbert claimed possession of the island in 1583, Britain claimed it a British possession.

The most affordable type of mortgage life insurance is same premium, level benefit, term mortgage life insurance. You will see that there are many reasons that this kind of insurance is not merely the best priced, but also offers other advantages. The term of the policy is fixed, usually at the number of years you anticipate having your home loan, such as 20, 25 or 30 years. The policies that are usually offered by banks are decreasing term, which are policies that have amounts that decrease each year.

These are more reasons that fixed term mortgage life insurance is a better choice. One of the benefits is that mortgage life insurance does what it is supposed to do, pay off the mortgage in case of your death; it does not have to go through the heirs. This is why you want a mortgage insurance policy, so that it will not have to go through the heirs, but to the lender to pay off the mortgage. In this way, there is no concern about the home loan and your family can stay right in their home.

An additional disadvantage of decreasing term insurance that banks offer is that the amount of protection decreases over time. Once this may have been necessary, since people stayed in one home and paid it off steadily through the years.

In addition, the insurance from your bank is actually the lender’s policy, so if you pay down the mortgage, the insurance no longer exists. Having your mortgage insurance go down over time is not always the best solution for everyone.

Families today tend to change homes more frequently, or even if they stay in the home, they may refinance it a few times. It is actually more unusual for a family to remain in the same home until the proverbial mortgage burning party. If your mortgage life insurance is from a traditional insurance company, rather than from your bank, the policy is yours, and you keep it even if you switch mortgage companies.

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More Examples:

- $200000 mortgage insurance (life) for a 33 years old male (non-smoker) and a 34 female (non-smoker): National Bank: $43.16 per month. InfoPrimes.com: $29.13 per month. Savings: $2525 over 15 years.

- $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): Bank of Montreal: $102.54 per month. InfoPrimes.com: $76.11 per month. Savings: $7929 over 25 years.

- $150000 mortgage insurance (life) for a 49 years old male (non-smoker) and a 48 female (non-smoker): Bank of Montreal: $106.28 per month. InfoPrimes.com: $54 per month. Savings: $9410 over 15 years.

- $85000 mortgage insurance (life and disability) for a 38 years old male (non-smoker): Laurentian Bank: $39.1 per month. InfoPrimes.com: $21.73 per month. Savings: $5211 over 25 years.

- $190000 mortgage insurance (life) for a 32 years old female (non-smoker) and a 32 male (non-smoker): Royal Bank of Canada: $37.28 per month. InfoPrimes.com: $15.31 per month. Savings: $9227 over 35 years.

Saint John, New Brunswick is located on the north shore of the Bay of Fundy, at the mouth of the St. John River. It is the oldest incorporated city in North America. It is the largest city by area in the province and the second largest by population, with a population of about 122,000.
To distinguish it from St. John’s, Newfoundland and Labrador, the “Saint” in Saint John is not abbreviated, as it is in the “other” St. John.
The area was inhabited by the Passamaquoddy Native People before the arrival of the Europeans. French explorer Samuel de Champlain discovered the mouth of the Saint John River in 1604, while exploring the Bay of Fundy for map making purposes. The river was discovered on St. John the Baptist’s Feast Day, and so it was named after that saint. (The name in French is Fleuve St-Jean.)
Fort La Tour was built to protect this strategic location, but Saint John fell into British hands after several wars between the French and the British and the fort was renamed in 1758 as Fort Frederick. This fort was, in turn, destroyed during the American Revolution, and Loyalists who settled in Canada built Fort Howe nearby.

New Brunswick, Canada, located between the United States, the Gulf of St. Lawrence, the Northumberland Strait and the Bay of Fundy, is the one constitutionally bilingual province in the country, with a minority population of 32% of the population that is French speaking. The province, named after Braunschweig, Germany, (the ancestral home of King George III) contains one of the most notable geographic features of the province in the Bay of Fundy, which has the greatest tides in the world, rising up to 16 m, or 52 feet. Prior to the arrival of Europeans, the Mi’kmaq indigenous people inhabited the region, and their history goes back at least as far at the Augustine Mound of 2500 B.C. The area was explored by the French explorer Jacques Cartier in 1534 and during the next 150 years was settled by French colonialists, who called the region Acadia. After the Seven Years War, New Brunswick was ceded to Britain, and many Acadians were expelled from the region as part of the Great Expulsion when Britain sought that all Acadians to pledge allegiance to the British Crown.

Obtaining mortgage life insurance does not have to be expensive, if you look around for it. Your mortgage life insurance will be very much cheaper that all of this work will be well worth the time.

Don’t automatically subscribe to the insurance your lender will invariably offer to you.

If you want to see truly competitive rates, you need to check the Infoprimes.com quotes. Take your bank’s quote and let them know you’ll get back to them; then compare it to Infoprimes.com and see whether you save thousands of dollars like most of our clients do.

Besides saving a lot, you will be sure to find a policy that protects you and your loved ones. Belt tightening is necessary today, and if you can save money on whatever to do with your house, you will be happy. There are other issues that you should understand with a policy from your bank.

“Post claim” policies are one of the issues since the insurance is not put into place until there is a claim. When the claim is received, the insurer may merely deny it. The insurance companies will scour the application to find any small discrepancy they can to validate the denial. Do you want to buy a policy if you can’t be sure it is protecting your loved ones?

Another serious concern is that this insurance isnot regular personal insurance policies. They are collective mortgage insurance policies, which means that the bank actually controls the policy, not the homeowner. Since the lender controls the insurance, they can cancel it and they use periodic reviews to find some problem to allow them to cancel. The policy will, in addition, be cancelled if you sell your house or refinance, since it is tied to the mortgage.

So don’t take this lazy but expensive and dangerous route to your mortgage life insurance coverage. Instead, you can get the best rates, as well as a policy that you own and control individually, when you shop at Infoprimes.com, using the savings calculator right here.

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More Examples:

- $200000 mortgage insurance (life) for a 33 years old male (non-smoker) and a 34 female (non-smoker): Bank of Montreal: $43.6 per month. InfoPrimes.com: $29.13 per month. Savings: $2605 over 15 years.

- $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): National Bank: $144.58 per month. InfoPrimes.com: $76.11 per month. Savings: $20541 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.

- $85000 mortgage insurance (life and disability) for a 38 years old male (non-smoker): Royal Bank of Canada: $30.39 per month. InfoPrimes.com: $21.73 per month. Savings: $2598 over 25 years.

- $219000 mortgage insurance (life and disability) for a 29 years old male (non-smoker) and a 25 female (non-smoker): Royal Bank of Canada: $38.67 per month. InfoPrimes.com: $25.91 per month. Savings: $3828 over 25 years.

Frederickton, New Brunswick is located on an open harbour with shallow waters in the bay, and exposure to harsh weather. For this reason, the area is dangerous for boaters, but the cod industry, as well as seal hunting has flourished in the nearby areas.
The first people to inhabit Frederickton were members of the Church of England and a few Roman Catholics in the 1840’s. In 1857, a Methodist school was established and a Methodist church built in the early twentieth century. In 1857 there was a Methodist school and by the early 1900s a Methodist church was constructed in Frederickton.
The community that is now Frederickton was formerly called Bassett’s Harbour; it was named Frederickton after 1901. The area first appears in an 1845 census with a population of 45, and had grown to 150 by 1857, due to the construction of the Methodist school. The region grew based on the seal hunt and cod fishing, but by the mid 29th century, it was largely a lobster fishing area, with a small logging industry.

New Brunswick, Canada, situated between the United States, the Gulf of St. Lawrence, the Northumberland Strait and the Bay of Fundy, is the one constitutionally bilingual province in the country, with a minority population of 32% of the population that is French speaking. The province, named for Braunschweig, Germany, (the ancestral home of King George III) has one of the most notable geographic features of the province in the Bay of Fundy, that has the greatest tides in the world, rising up to 16 m, or 52 feet. Before the arrival of Europeans, the native Mi’kmaq people lived in the area for millennium, as indicated by the Augustine Mound dating to 2500 B.C. French explorer Jacques Cartier explored the area in 1534 and over the next 150 years, other French settlements were founded as part of the settlement of Acadia, which was originally settled in 1604. After the Seven Years War, New Brunswick was ceded to Britain, and many Acadians were expelled from the region as part of the Great Expulsion when Britain sought that all Acadians to pledge allegiance to the British Crown.