Mortgage Life Insurance You Can Afford
Affordable life insurance is accessible to homeowners if they choose level term life insurance. There are many reasons that this is the best type of mortgage life insurance, in addition to the most affordable. The term of the policy is fixed, usually at the number of years you foresee having your mortgage, such as 20, 25 or 30 years. If you take the policy your lender offers, it will most likely be decreasing term insurance, which, as the name suggests, goes down in value gradually.
These issues make fixed term mortgage life insurance much more beneficial. 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 down the mortgage. A mortgage life insurance policy repays the bank for the mortgage, so you can be certain the mortgage will be paid. In this manner, there is no concern about the home loan and your family can stay right in their home.
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The decreasing term policies banks offer decrease in worth and protection over time. This may have been fine years ago when homeowners stayed in their home and the outstanding balance of the home loan went down steadily.
Additionally, this lender type insurance is 100% tied to the mortgage, so if the mortgage is paid down, the mortgage insurance is cancelled. Having your mortgage insurance decrease over time is not usually the best idea for everyone.
These concepts don’t work well nowadays, when homeowners change mortgages more frequently either because they change residences or they refinance. How many people nowadays do not have five, six or seven mortgages in their lifetime? Mortgage life insurance from an insurance firm is your policy, not the lender’s policy and you therefore can keep it even if you obtain a new mortgage.
– $310000 mortgage insurance (life) for a 51 years old female (non-smoker): Laurentian Bank: $250.05 per month. InfoPrimes.com: $49.76 per month. Savings: $48070 over 20 years.
– $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): National Bank: $144.58 per month. InfoPrimes.com: $76.11 per month. Savings: $20541 over 25 years.
– $160000 mortgage insurance (life) for a 50 years old male (non-smoker): Scotia Bank: $66.27 per month. InfoPrimes.com: $37.08 per month. Savings: $5254 over 15 years.
– $85000 mortgage insurance (life and disability) for a 38 years old male (non-smoker): National Bank: $35.72 per month. InfoPrimes.com: $21.73 per month. Savings: $4197 over 25 years.
– $400000 mortgage insurance (life and disability) for a 41 years old male (non-smoker): Bank of Montreal: $367.13 per month. InfoPrimes.com: $119.79 per month. Savings: $44521 over 15 years.
Montreal, Quebec is the second largest city in Canada and the largest city in the province of Quebec, with a population of over 3.5 million people. It is located in the southwest of the province, and is primarily an island at the confluence of the St. Lawrence River and the Ottawa River. It was originally named Ville Marie, but the current name is taken from the hill that is in the center of the city, Mont Royal. (The archaic French was Mont Real.) It is a largely Francophone city, with 70.5% of the population speaking French.
Before the arrival of the Europeans, the Iroquois occupied a village at the foot of Mont Royal. The French explorer Cartier visited this area in 1535 and claimed it for France. When explorer de Champlain visited the area, the Iroquois settlement had disappeared, most likely due to inter tribal wars, migration and diseases introduced by Europeans. In 1611, a fur trading post was established at the confluence of the Saint Pierre and St. Lawrence rivers. In 1639, a Roman Catholic mission was established there.
It was a French colony until 1760, when it was surrendered to Great Britain. In 1832, Montreal was incorporated as a city and the construction of the Lachine Canal and the Victoria Bridge spurred growth in the mid 19th century that established Montreal as the largest city in British North America, as well as the commercial and cultural capital of Canada.
Quebec province, Canada is a very distinctive province: first of all, it is the only province in which the official language is French, since it has a principally French speaking population. It is the largest province in Canada, and the second largest in population and is on the border of four of the states the United States. Another unusual feature of the province of Quebec is its quest for independence; all of the political parties seek more autonomy for the province, and referendums on independence have been held periodically to the extent that the government of Canada views Quebec as a “nation within a united Canada”. The original name for the province of Quebec comes from an Algonquin word that refers to an area where the river narrows, after an area, now in Quebec City, where the St. Lawrence River narrows. The province was founded after the Treaty of Paris, ending the Seven Years War, transferred it to Britain from France in 1763, but after the Constitutional Act of 1791 divided the territory between lower Canada, which is present day Quebec and upper Canada, which is current Ontario.