Sure, Mortgage Life Insurance is Important, But Why?
Know what mortgage life insurance is-insurance that pays off your home loan in the case of your death. Not to be morbid, but it is an issue that you should address if you are worried about your family’s security.
A lot of these types of policies decrease in term, that is the value of the policy goes down over time, assuming that the mortgage will also decrease.
Today, however, with so many people refinancing, it usually makes more sense to get mortgage life insurance that doesn’t go down. Today, you don’t really need a policy that will go down in value because you are not covered if you want to refinance.
Lenders’ mortgage life insurance policies are normally these kinds of “decreasing term” policies. This means that your policy will not be there for you through thick and thin. You are not able to use this policy if you move to another house, or refinance with another bank. When you have a policy with your bank, any change in that lender relationship automatically triggers a cancellation in the policy. Today, with so many households buying new houses, or just refinancing their existing homes, this kind of an option just doesn’t work; you want your insurance to be as flexible as you have to be now.
However, if you are wise enough to obtain your mortgage life insurance from a professional insurance broker, you will keep the policy, through different homes and different lenders.
Many benefits accrue from having this kind of policy, buy this is the most important one. You will definitely appreciate the benefit of working with an insurance professional who can tailor your mortgage life insurance to your needs, unlike a banker, who only has the one product to sell.
The reason this is really important is that you own and control the policy. Otherwise, the bank or lender retains complete control over the policy. The lender can, and does set restrictive clauses that may endanger the policy, such as reviews every few years.
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This means that your policy can be cancelled if your health state changes, just when you need your policy the most.
– $310000 mortgage insurance (life) for a 51 years old female (non-smoker): CIBC: $216.26 per month. InfoPrimes.com: $49.76 per month. Savings: $39960 over 20 years.
– $176000 mortgage insurance (life and disability) for a 49 years old female (smoker) and a 45 male (smoker): National Bank: $237.12 per month. InfoPrimes.com: $138.26 per month. Savings: $29658 over 25 years.
– $138105.67 mortgage insurance (life and disability) for a 29 years old female (non-smoker) and a 33 male (non-smoker): Royal Bank of Canada: $52.17 per month. InfoPrimes.com: $31.8 per month. Savings: $6111 over 25 years.
– $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): Laurentian Bank: $72.1 per month. InfoPrimes.com: $36.41 per month. Savings: $8566 over 20 years.
– $100000 mortgage insurance (life) for a 46 years old male (non-smoker): Scotia Bank: $41.42 per month. InfoPrimes.com: $34.96 per month. Savings: $1550 over 20 years.
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