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.
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.
There is a disadvantage to mortgage life insurance that banks offer, because you will lose the insurance if you change your mortgage in any way. Perhaps you don’t want your mortgage insurance to decrease in this way?
This is better for today’s homeowners who tend to change mortgages more because they change homes or they refinance more. The days of one mortgage, and the big mortgage burning party after 25 years are long over. If your mortgage life insurance is from a traditional insurance company, rather than from your bank, the policy is yours, and you keep it even if you switch mortgage companies.
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More Examples:
– $200000 mortgage insurance (life) for a 33 years old male (non-smoker) and a 34 female (non-smoker): Scotia Bank: $45.34 per month. InfoPrimes.com: $29.13 per month. Savings: $2918 over 15 years.
– $125000 mortgage insurance (life) for a 47 years old male (non-smoker): TD Canada Trust: $54.5 per month. InfoPrimes.com: $24.98 per month. Savings: $7085 over 20 years.
– $210000 mortgage insurance (life) for a 22 years old male (non-smoker): CIBC: $18.31 per month. InfoPrimes.com: $16.22 per month. Savings: $878 over 35 years.
– $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): CIBC: $46.47 per month. InfoPrimes.com: $36.41 per month. Savings: $2414 over 20 years.
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– $400000 mortgage insurance (life and disability) for a 41 years old male (non-smoker): Royal Bank of Canada: $247.66 per month. InfoPrimes.com: $119.79 per month. Savings: $23017 over 15 years.
Calgary is the largest city in the province of Alberta, in the south of the province. It is located close to the Canadian Rockies, but it is itself in an area of low foothills and plains.
One of Calgary’s greatest claims to fame are the winter sports and ecotourism that draw tourists from around the world. In addition to tourism, the petroleum industry, farming and the high tech industry contribute to the economic health of Calgary.
Calgary is well known to tourists for its famous Calgary Stampede, a large summer festival that draws 1.2 million visitors annually. It is a 20 day event that bills itself as the “Largest Outdoor Show on Earth.”
Calgary was the first Canadian city to host the Olympic Winter Games, in 1988 and as a result of these games, the city has one of the fastest long track speed skating ice rinks in the world.
Alberta became a province during the early 20th century, but it was actually founded in the late 19th century. This beautiful province is known for its rolling hills with the Rocky mountains in the background, as well as vast farmlands and rich resorts. Alberta’s natural riches are found not only in the farmland, but in addition in its vast gas and oil reserves.
Despite all these wonderful gifts, many folks point to one of the biggest attractions in the province. The famed West Edmonton Mall is the biggest shopping center in the world, containing over 800 stores and 110 places to eat!