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Mortgage Life Insurance. Good Deal or Not?

If you’re interested in mortgage life insurance read this article by the Toronto Star. 

The mortgage insurance offered by some banks isn’t too hot when compared to regular term life insurance. 

The Mortgage Protection Plan offered through mortgage brokers is a bit better.  According to MPP, it’s both portable and “33 per cent cheaper per dollar of coverage over a 25-year mortgage term.”  That, of course, assumes you will need mortgage insurance for 25 years.

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Last modified: April 27, 2007

Robert McLister is one of Canada’s best-known mortgage experts. A mortgage columnist for The Globe and Mail, interest rate analyst and editor of MortgageLogic.news, Rob has been covering Canada's mortgage market since 2007.

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