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.
Last modified: April 27, 2007
My life insurance client says that a regular life insurance policy is by far better than mortgage insurance.
Mortgage insurance gives a declining benefit for the same premium. Life insurance keeps the same benefit throughout the life of the policy while the premium stays the same.
Term Life Insurance to insure your mortgage is the way to go!
Hi Monty,
Indeed. The Toronto Star article echos these sentiments as well.
Have a great weekend!
I’ve written an article on the “Big Three” ways to subtly save big money over the term of your mortgage.
Using a regular whole life policy versus the bank’s insurance is unbelievably better.
Rhys Trenhaile, BSc. LLB.
Manor Windsor Realty Ltd.
http://www.trenhaile.com
Thanks Rhys! Is there a link on your website for this article?