Tell Me Why I Need Mortgage Life Insurance
Mortgage Life Insurance is insurance that is designed to pay off your mortgage in case of your death if the loan is not fully paid. Not something enjoyable to think about, but thinking about your family becoming homeless is less pleasant yet.
A lot of these types of policies decrease in term, that is the value of the policy decreases with time, assuming that the mortgage will also decrease.
This kind of policy does not work very well in today’s world, when a lot of families move often, or may have many lenders over time because of refinancing. Realizing the difference between fixed and decreasing mortgage life insurance will assist you in making up your mind.
When you discuss lenders’ mortgage life insurance, you are usually discussing term life insurance. This means that your policy will not be there for you through the years. If you sell your house, or even if you remain in the same home but refinance it, you will lose your insurance. When you have a policy with your lender, any change in that lender relationship automatically triggers a cancellation in the policy. People today frequently refinance their homes, or sell to move to a more comfortable home and need the coverage to stay constant.
The way to prevent this is to get mortgage life insurance from an insurance company, not from a bank, so that any home you live in will be protected.
This is one, but not the sole benefit of mortgage life insurance from an insurance company. In addition, never underrate the value of dealing with a professional insurance counselor, rather than a banker who is selling an insurance product.
Owning and controlling the mortgage insurance policy for your home will give your family a great deal more protection. Policies from banks or lenders are group types that the lender holds. These policies frequently have restrictive clauses ,for example a five year review.
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If you are reviewed at a stage when your health may not be at its greatest, the lender can simply cancel the policy, even though you have kept your premiums up and need you policy right now.
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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.
– $313576 mortgage insurance (life) for a 38 years old male (smoker) and a 36 female (smoker): Laurentian Bank: $102.54 per month. InfoPrimes.com: $76.11 per month. Savings: $7929 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.
– $153000 mortgage insurance (life and disability) for a 28 years old female (non-smoker) and a 31 male (non-smoker): Bank of Montreal: $59.23 per month. InfoPrimes.com: $32.54 per month. Savings: $11210 over 35 years.
– $208000 mortgage insurance (life) for a 37 years old male (non-smoker) and a 40 female (non-smoker): Laurentian Bank: $68.02 per month. InfoPrimes.com: $36.55 per month. Savings: $9441 over 25 years.
There is something undeniably unique about Quebec, the most notable thing being the fact that it is the only province in Canada where the official language is French. It is the biggest province in Canada, and the second largest by population and is located on the border of four of the states the United States. One of the other special qualities of this province is that it is the most independence minded province in the country, with all of the political parties in favor of increased autonomy, and periodic referendums held for independence, so that it is actually considered a “nation within a united Canada”. The original name for the province of Quebec comes from an Algonquin word that refers to a region where the river narrows, after an area, now in Quebec City, where the St. Lawrence River gets thinner. The province was founded from 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 present day Ontario.