The Importance of Mortgage Life Insurance
Understand what mortgage life insurance is-insurance that pays off your home loan in the case of your death. We all try to ignore this issue, but it is a question of something that is too important to ignore- whether your family will have a place to live.
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Most mortgage life insurance policies are the kind that goes down as the mortgage decreases, under the assumption that you need less coverage as years go by.
This may have worked years ago, but now, many people move a lot, and they also may refinance their loans, thereby negating the original mortgage. . Here is the distinction between fixed term and decreasing term mortgage life insurance.
Mortgage insurance given by banks and lenders is usually decreasing term insurance. This means that your policy will not be available to you through thick and thin. If you sell your home, or even if you stay in the same house but refinance it, you will lose your insurance. Since the bank was the insurance issuer, if you don’t stay with that same bank, your policy will be cancelled. Today, with so many households buying new houses, or just refinancing their existing homes, this kind of an option just doesn’t function; you want your insurance to be as flexible as you have to be now.
If you get your mortgage life insurance from an insurance professional, however, instead of your bank, your policy stays in place, through thick and thin.
This is one, but not the only benefit of mortgage life insurance from an insurance company. There is also the advantage of dealing with an insurance consultant instead of a bank lending officer, who really knows nothing about insurance except this one type he has been instructed to sell to you.
You are the owner of the policy, and you have control over it. When you purchase your policy from a bank, they have the control, instead of you. The lender can, and does set restrictive requirements that may endanger the policy, such as reviews every few years.
If you are reviewed at a point when your health may not be at its best, the lender can simply cancel the insurance, even though you have kept your premiums up and need you policy right now.
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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) :TD Canada Trust: $66.71 per month. InfoPrimes.com: $48.33 per month. Savings: $3308 over 15 years.
– $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): Royal Bank of Canada: $99.12 per month. InfoPrimes.com: $76.11 per month. Savings: $6903 over 25 years.
– $210000 mortgage insurance (life) for a 22 years old male (non-smoker): Bank of Montreal: $20.6 per month. InfoPrimes.com: $16.22 per month. Savings: $1840 over 35 years.
– $85000 mortgage insurance (life and disability) for a 38 years old male (non-smoker): Laurentian Bank: $39.1 per month. InfoPrimes.com: $21.73 per month. Savings: $5211 over 25 years.
– $190000 mortgage insurance (life) for a 32 years old female (non-smoker) and a 32 male (non-smoker): Laurentian Bank: $40.38 per month. InfoPrimes.com: $15.31 per month. Savings: $10529 over 35 years.
Kamloops, British Columbia is in the south central part of the province, where two branches of the Thompson River meet. Some say that, the word “Kamloops” is the anglicised version of the Secwepemc word “Tk’emlups”, meaning “meeting of the waters”, whereas others say the name comes from the French “Camp des loups” meaning ‘Camp of Wolves’. French was probably spoken by many fur traders.
Kamloops had a population of 92,882 in 2006.
The region was primarily settled by the Secwepemc nation and European explorers arrived in 1811. A trading post was established by the Pacific Fur Company in 1812, and the North West Company established another post the same year. In 1813, the two merged and when North West was merged into the Hudson Bay Company in 1821, it became a part of that famous company.
The Pacific gold rush of the 1860’s, which was partly responsible for the expansion of the Canadian Pacific Railway into the area, brought more growth, and Kamloops, with its population of 500, was incorporated in 1893.
Situated in the far northwest of the country of Canada is the beautiful province of British Columbia. Like most of Canada’s western provinces, it grew as an outgrowth of the numerous trading posts of the fur trading industry formed by the Hudson Bay Company. This fur trade was the basis for towns that grew up around the posts, and afterwards, when gold was discovered in the Fraser Canyon in the 1850’s, gold fever meant even more growth to the province and eventually led to the province becoming part of the new nation of Canada.
British Columbia has new appeal for the visitor today; instead of fur and gold, majestic mountains bring in nature lovers from all over the world to the many parks and reserves. East of the Peace River, the countryside changes to the no less spectacular prairie land and farmland of the Peace River District.