Best Mortgage Insurance. Mortgage insurance is offered to you by most banks and lending institutions when you buy a home or refinance your existing mortgage in Ontario. This is not the best mortgage insurance because it only pays off the balance of your mortgage to the lending institution when the person listed on the mortgage passes away.
Why Mortgage Insurance Is Not The Best Choice
- The amount payable decreases with the balance of your mortgage but the premiums don’t
- The benefit gets paid to the lending institution rather than to the person you choose. This then becomes part of your taxable estate
- The premiums might remain level throughout the life of the policy, but there is no guarantee they won’t increase
BEST MORTGAGE INSURANCE – LIFE INSURANCE
- A better choice would be private life insurance owned by you.
- It could be used to pay off the remainder of your mortgage and it also has many benefits which make it a better choice.
Some of the additional benefits to private life insurance are
- Provides protection for you and/or your spouse
- Your choice of a specific period of time or your entire life
- You choose how to allocate the proceeds
- You can purchase as much insurance as you like; not limited to the amount of your mortgage
- Benefit and premium can be guaranteed to never go up or down for the term of the policy
- You choose the beneficiary and the proceeds are not taxable
MOST AFFORDABLE TYPE OF LIFE INSURANCE – TERM LIFE
Term life insurance is the most affordable life insurance you can buy.
- 10 yr. Term (cheapest)
- 20 year Term
- Term Life
The cost is based on your age and health. You can lock in for 10 or 20 years or you can choose a term for life. The premium is guaranteed not to go up for the entire term you choose.
This is a very flexible policy that protects your insurability. Once you have it, it can be converted into other insurance products regardless of your health condition at any time.
Call (800) 722-7172 or use our 30 second form for a free consultation.
Best Mortgage Insurance. A life insurance policy can be used to pay off the mortgage if you wish, but it can do many other things. Call 800-722-7172 now..
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