The Importance of Mortgage Life Insurance
Understand what mortgage life insurance is-insurance that pays off your home loan in the case of your death. We all try to ignore this issue, but it is a question of something that is too important to ignore- whether your family will have a place to live.
Most mortgage life insurance policies are the kind that goes down as the mortgage decreases, under the assumption that you need less coverage as years go by.
This may have worked years ago, but now, many people move a lot, and they also may refinance their loans, thereby negating the original mortgage. . Here is the distinction between fixed term and decreasing term mortgage life insurance.
Mortgage insurance given by banks and lenders is usually decreasing term insurance. This means that your policy will not be available to you through thick and thin. If you sell your home, or even if you stay in the same house but refinance it, you will lose your insurance. Since the bank was the insurance issuer, if you don’t stay with that same bank, your policy will be cancelled. Today, with so many households buying new houses, or just refinancing their existing homes, this kind of an option just doesn’t function; you want your insurance to be as flexible as you have to be now.
If you get your mortgage life insurance from an insurance professional, however, instead of your bank, your policy stays in place, through thick and thin.
This is one, but not the only benefit of mortgage life insurance from an insurance company. There is also the advantage of dealing with an insurance consultant instead of a bank lending officer, who really knows nothing about insurance except this one type he has been instructed to sell to you.
You are the owner of the policy, and you have control over it. When you purchase your policy from a bank, they have the control, instead of you. The lender can, and does set restrictive requirements that may endanger the policy, such as reviews every few years.
If you are reviewed at a point when your health may not be at its best, the lender can simply cancel the insurance, even though you have kept your premiums up and need you policy right now.
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More Examples:
- $200000 mortgage insurance (life) for a 33 years old male (non-smoker) and a 34 female (non-smoker): Laurentian Bank: $42.51 per month. InfoPrimes.com: $29.13 per month. Savings: $2408 over 15 years.
- $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): TD Canada Trust: $116.21 per month. InfoPrimes.com: $76.11 per month. Savings: $12030 over 25 years.
- $204000 mortgage insurance (life and disability) for a 27 years old female (non-smoker): National Bank: $35.23 per month. InfoPrimes.com: $23.8 per month. Savings: $4115 over 30 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.
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 situated just about in the middle of the nation, with a southern frontier that runs to the border of the United States, with something over millions residents, 223,000 in its largest city, Saskatoon and 194,971 in its capital, Regina. Like many provinces and cities in Canada, the name of this area comes from a First Nation word, meaning “swift flowing river” in Cree, referring to the Saskatchewan River. In addition to Alberta, Saskatchewan is one of two landlocked provinces in Canada, with the Northwest territories to the north and the states of Montana and North Dakota to the south. The indigenous peoples of the Cree, Sioux, Algonquin and others occupied the area before the arrival of the Europeans, with the first European travels by Henry Kelsey in 1690 and the first European settlement at Cumberland House, established by the Hudson Bay Company in 1774. The growth of the province was due in large part to the construction of the Canadian Pacific Railway in the early 1880’s, as well as a government program that gave ¼ square mile of land, and an additional ¼ upon building of a settlement, to any willing settler; this growth led to the establishment of Saskatchewan Province in 1905.
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