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:
- $180000 mortgage insurance (life) for a 41 years old male (non-smoker) and a 36) and a female (non-smoker) :CIBC: $54.94 per month. InfoPrimes.com: $48.33 per month. Savings: $1190 over 15 years.
- $125000 mortgage insurance (life) for a 47 years old male (non-smoker): Scotia Bank: $51.78 per month. InfoPrimes.com: $24.98 per month. Savings: $6432 over 20 years.
- $160000 mortgage insurance (life) for a 50 years old male (non-smoker): Laurentian Bank: $87.2 per month. InfoPrimes.com: $37.08 per month. Savings: $9022 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.
- $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.
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, 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 Canada, with a minority population of 32% of the population that speaks French. New Brunswick got its name from Braunschweig, Germany, the ancestral home of King George III of Britain; the province’s most spectacular feature is the presence of the Bay of Fundy, with the largest tidal movement in the world. The indigenous people called Mi’kmaq, whose name means “my skin friends” lived in New Brunswick prior to the arrival of Europeans and their history is shown by the Augustine Mound, built in 2500 B.C. French explorer Jacques Cartier discovered the area in 1534 and over the next 150 years, other French settlements were founded as part of the colony of Acadia, which was originally settled in 1604. As part of the settlement of the Seven Years War, Britain received control of New Brunswick and as a result of that control, required a pledge of allegiance to the King; the many Acadians who refused to make such a pledge of allegiance were expelled in the Great Expulsion.
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