Mortgage insurance, why get it?
Did you know that over 80% pay more for their mortgage insurance than they should!
Mortgage Insurance is a life insurance plan that is designed to cover the balance of your mortgage should you pass away. It is a term insurance product where the term of the policy matches the time it would take to pay off the mortgage. Mortgage insurance can be designed to include disability coverage, Critical illness protection as well as other riders. A mortgage insurance policy remains in force even if you sell the property or change mortgage providers.
- Plans are often more affordable
- No one other than the policy owner(s) can cancel the policy
- Your family is the beneficiary, not your lender
- You may keep your insurance even if you change lenders
- You may keep your insurance if you change your home
- You can customize a plan to fit your needs
- You may keep your coverage and remain protected, even when your mortgage is paid
Take a few minutes to watch this short video on a in depth report that CBC Marketplace did on this subject.
Should you insure your mortgage with the bank (the lender) or through a personal life insurance? Financial experts widely agree that mortgage insurance through a lender (Bank) isn't all it's cracked up to be! The biggest problem is that it protects the lender, Not You.