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Are you paying too much for your mortgage insurance?

Most of us, struggling to make our mortgage payments, realize the importance of financially securing our home and our lifestyle by putting in place some life insurance. Your bank or lending institution does too! They will usually require that the loan amount be covered by life insurance to protect them in the unfortunate situation of you dying before the loan is paid.

The problem is that most of us are so excited about buying our new home, we quickly checkmark the box to indicate that we want the mortgage life insurance without checking the market to see if you are paying too much. For smokers or unhealthy individuals, this type of creditor insurance can be an excellent value. For the vast majority of us, healthy, non-smokers, will likely get a better rate by shopping the market.

As a life insurance advisor, I can compare products from over thirty Canadian life insurance companies to get you the best value in the market place.

If you would like to see if I can save you some money on your life insurance, please send me the following information by e-mail or give me a call: mortgage owner's name, sex, birthdate, smoking status (yes/no) and the approximate amount of your outstanding mortgage/loan.

We want to help you secure your family's financial future by ensuring you have the money to keep your home and lifestyle if you die prematurely. Contact us for more information or learn more about term insurance on our website.

By Ivon T. Hughes

1 comments:

Richard said...

Hi Paralakawong,
Your blog is really rocking.
Mortgage Life Insurance refers to an insurance policy that guarantees repayment of a mortgage loan in the event of death or, possibly, disability of the mortgagor. Mortgage insurance protects the lender against loss in the event that the borrower defaults. The borrower pays the premium, but the lender receives the protection. Mortgage insurance has no connection to any kind of life insurance, and pays no benefits to borrowers. The sole benefit received by the borrower is that, with mortgage insurance, lenders are willing to make loans with down payments smaller than 20% of purchase price or appraised value.

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