Choose the Best Option for You…
Buying a home may be the biggest financial decision that you will ever make. Assuming that you use a mortgage to finance your home, it just makes good sense to ensure your investment is adequately protected through an insurance plan – one that will pay off your mortgage should anything happen to you. You wouldn’t want to leave your spouse or children with a mortgage they might not be able to afford.
But, there is more than one option for insuring your mortgage. Many people are unaware that their bank or lending institution is not the only source for this kind of protection and that a better choice does exist. r instead. This is often the less costly option and offers more flexibility.
Do I have to buy mortgage insurance from my bank?
No. Your mortgage lender will usually offer you mortgage insurance to cover the balance owing, if you should die before the mortgage is paid off. But you may also choose to buy insurance directly from your life insurance provider instead. This is often the less costly option and offers more flexibility.
When is a bank mortgage insurance plan better??
If you are uninsurable and cannot qualify for coverage directly from an insurer. There are usually no medical qualifications for bank insurance (one reason why it costs more)
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If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you. It’s meant to offer peace of mind and to reassure you that your family will be able to stay in your home if anything should happen to you…
Courtesy of CBC.CA