Affordable life insurance is available for homeowners if they opt for level term life insurance. There are a lot of reasons that this is the best type of mortgage life insurance, as well as the most affordable. Level term means that the amount of the policy stays the same throughout the twenty or thirty year term of your mortgage. The policies that are usually given by banks are decreasing term, which are policies that have amounts that go down each year.

These are more reasons that fixed term mortgage life insurance is the better choice. The reason for purchasing mortgage life insurance is to be 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 confident that the mortgage will be paid and your loved ones will have a house to live in. This means that the home loan is immediately paid off, and your family will not have financial concerns.

The decreasing term feature of typical banks policies is a definite disadvantage in today’s world. Years ago, home loans did decrease steadily in value as the mortgage payments were made.

In addition, the insurance from your bank is actually the lender’s policy, so if you pay off the mortgage, the insurance no longer exists. But what if you do not prefer your mortgage insurance to go down over time, you want it to go on to cover you at the same rate?

This is a disadvantage today, when homeowners tend to have more than one mortgage in a lifetime. Whether it is to change residence, or to take advantage of different rates, mortgages are constantly being refinanced. The policies lenders sell are cancelled if the mortgage is paid off, regardless of whether you sold the house or simply refinanced at a better rate, so you end up with no coverage at that point.

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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.

- $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.

- $138105.67 mortgage insurance (life and disability) for a 29 years old female (non-smoker) and a 33 male (non-smoker): National Bank: $62.44 per month. InfoPrimes.com: $31.8 per month. Savings: $9192 over 25 years.

- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): Bank of Montreal: $68.9 per month. InfoPrimes.com: $36.41 per month. Savings: $7798 over 20 years.

- $400000 mortgage insurance (life and disability) for a 41 years old male (non-smoker): Laurentian Bank: $267.2 per month. InfoPrimes.com: $119.79 per month. Savings: $26534 over 15 years.

What Kind of Canadian Mortgage Insurance Quote Do You Want?

What do most people think about when they think about mortgage insurance? I want to protect my family in case anything happens to me, but I want to get the best quote possible.

And these are the two reasons you should not take the mortgage insurance your lender offers. First of all, you may not be protecting your family, and secondly, you are definitely not getting the best quote. Remember that you do not have to take the policy your lender offers, and probably should not.

SHOP AND COMPARE THE EASY WAY

Shop around if you want to get the best Canadian Mortgage Insurance quote, and the best place to shop is Infoprimes.com, using their 3-step calculator to the right.

Here are some of the incredible savings Infoprime.com’s customers have seen:

A 33 year old non smoker with a 35 year, $200,000 mortgage saved $23,266 in insurance premiums with personal policy with Infoprimes.com instead of the policy from his lender. In his case, $23,266 could pay for 20 months of his mortgage.

If you have a larger mortgage, of course you will save even more on your premiums. If the same applicant, above, had a $300,000 mortgage, his savings would be $41, 879!!!! The difference in these Canadian Mortgage Insurance quotes can mean a big difference in savings, as you can see.

MAKE SURE YOU GET THE POLICY THAT WILL PROTECT YOU

In addition, at Infoprimes.com, you can be totally secure that your family is really covered.

Be careful about this. Many policies offered by lenders are actually specialized policies that are processed after a claim is received (so-called “post claim policies). If the insurer can find a reason not to pay the claim, you may as well have never had any insurance.

The reason this happens is because each applicant has to complete long, complicated application, not with an insurance agent, but with the bank officer, who may not be qualified to answer any questions you have about the application. Some people even complain that the questions are confusing on purpose, so that you are more likely to answer wrong.

Why would they do this? To avoid claims, of course. If there is a claim, your application will be reviewed. If they find that you answered anything incorrectly, you are out in the cold, with no insurance coverage. Let’s say you said “No” to whether you have had a diagnostic test for heart disease, and yet your doctor’s assistant takes your blood pressure each time you go for a physical. You’ve unknowingly lied, and your claim can be denied.

YOUR FAMILY’S SECURITY IS AT RISK

Don’t take these kinds of risks with your family’s security. You can get the best Canadian Mortgage Insurance quote and still have a real policy that protects you family simply by using Infoprime.com’s life insurance calculator at the right. Do it now; it only takes a few minutes.