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): National Bank: $112.5 per month. InfoPrimes.com: $45.25 per month. Savings: $20175 over 25 years.
- $125000 mortgage insurance (life) for a 47 years old male (non-smoker): Bank of Montreal: $58.59 per month. InfoPrimes.com: $24.98 per month. Savings: $8066 over 20 years.
- $210000 mortgage insurance (life) for a 22 years old male (non-smoker): Scotia Bank: $19.57 per month. InfoPrimes.com: $16.22 per month. Savings: $1407 over 35 years.
- $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): National Bank: $63.45 per month. InfoPrimes.com: $36.41 per month. Savings: $6490 over 20 years.
- $190000 mortgage insurance (life) for a 32 years old female (non-smoker) and a 32 male (non-smoker): CIBC: $37.28 per month. InfoPrimes.com: $15.31 per month. Savings: $9227 over 35 years.
Toronto, Ontario is located in southern Ontario on the northwestern shore of Lake Ontario, and is the most populous city in Canada, and the capital of the province of Ontario. It has over 2.5 million residents and is the heart of the Greater Toronto Area, and in the densely populated region of Canada known as the Golden Horseshoe. The Greater Toronto Area has a population of over million people.
Toronto is one of the top financial centers in the world, the home of the Toronto Stock Exchange and the majority of Canada’s corporations. Because of Toronto’s international standing, it has become a magnet for immigrants to Canada: about 49% of the population of Toronto were born outside of Canada. The city has low crime rates, a clean environment, and a high standard of living, consistently earning it the rating as one of the most livable cities by the Economist Intelligence Unit.
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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