The Most Affordable Kind of Mortgage Life Insurance
Your best bet for reasonable mortgage life insurance is level term life insurance. Let’s review the reasons for its good price, as well as other advantages. A level term policy is purchased for the period that matches the term of the mortgage, such as 15, 20 or 25 years. The policies you will normally see when your lender talks to you about mortgage life insurance are decreasing term policies.
These issues make fixed term mortgage life insurance much more beneficial. The reason for the purchase of mortgage life insurance is to make sure your family can keep their home in case you die-that the proceeds of the policy will pay off the mortgage. You can be certain that your loved ones will own the home in case you are no longer there to make the mortgage payments. The benefit to this is that the money goes right to the bank and the mortgage is paid off, without any probate or through heirs.
The other disadvantage of banks’ policies is that they are decreasing term, so that the coverage decreases each year. The idea is that the mortgage likewise goes down in value over the years.
The lender controls this kind of a policy, so if you do change your mortgage, you will lose your insurance coverage. Having your mortgage insurance go down over time is not always the best idea for everyone.
Today, people move more, whether because of careers or for a better or larger home, and many times movements in interest rates encourage homeowners to refinance. It is actually more unusual for a family to remain in the same home until the proverbial mortgage burning party. The policies banks sell are cancelled if the mortgage is cancelled, regardless of whether you sold the house or simply refinanced at a better rate, so you end up with no insurance at that point.
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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): National Bank: $237.12 per month. InfoPrimes.com: $138.26 per month. Savings: $29658 over 25 years.
- $138105.67 mortgage insurance (life and disability) for a 29 years old female (non-smoker) and a 33 male (non-smoker): Laurentian Bank: $72.65 per month. InfoPrimes.com: $31.8 per month. Savings: $12255 over 25 years.
- $204000 mortgage insurance (life and disability) for a 27 years old female (non-smoker): Laurentian Bank: $51.43 per month. InfoPrimes.com: $23.8 per month. Savings: $9947 over 30 years.
- $400000 mortgage insurance (life and disability) for a 41 years old male (non-smoker): Bank of Montreal: $367.13 per month. InfoPrimes.com: $119.79 per month. Savings: $44521 over 15 years.
One of the most spectacular provinces in Canada, located in the far northwest is the Province of British Columbia. British Columbia, like a lot of its sister provinces in the west, had its origins in the fur trading posts of the Hudson Bay Company. This fur trade was the basis for towns that sprung up around the posts, and then, when gold was discovered in the Fraser Canyon in the 1850’s, gold fever meant even more growth to the area and eventually led to the province becoming part of the new nation of Canada.
The province itself is a gold mine of natural scenic beauty, and the western part of British Columbia is dominated by the Rockies and is a popular nature vacation location, with dozens of parks and reserves for the nature lover to choose from.; instead of fur and gold, majestic mountains attract nature lovers from all over the world to the many parks and reserves. But the landscape offers a different beauty if you go to the Peace River District, where rolling fields and expansive farmland testify to this area’s agricultural richness.