What Should I Do About Mortgage Life Insurance?
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.
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