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10 Things you should know about Mortgage Insurance

Canadian Mortgage Insurance

Reason #1
Generally, mortgage life insurance from most lending institutions is non-convertible term insurance – there is no cash value.

Reason #2
No premium flexibility.

Reason #3
No ability to move to a permanent life insurance policy if your needs change.

Reason #4
Usually mortgage life insurance covers the exact amount of your mortgage. And your coverage decreases as the mortgage is paid down.

Reason #5
You have no coverage when the mortgage is paid off.

Reason #6
Your lender owns the policy and if you find a better mortgage rate at another lending institution, you will have to re-qualify medically for the life insurance protection.

Reason #7
Your lender automatically pays off the mortgage if you die. Your beneficiary has no choice about how to use the funds, at a time when funds may be required the most.

Reason #8
The cost per $1,000 of coverage generally increases every year. When you think about it, costs may increase while coverage decreases.

Reason #9
Generally most mortgage life insurance is underwritten at time of claim.

Reason #10
Your mortgage life insurance cannot be moved to another institution.

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