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Old 2006-09-07, 07:27 PM
Life Broker Life Broker is offline
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Join Date: Sep 2006
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Default Mortgage Insurance

Being that protecting our loved ones is a top priority for us all, I feel the topic of mortgage insurance should be discussed once again. Mortgage insurance is convenient and easy, and most of us don’t have time to look at anything else.

You may not know, but mortgage insurance is life insurance only it is owned and controlled by your bank, and when you die, the balance of your mortgage is paid off. Because everyone who has a mortgage at your bank is on the same plan, the non-smokers pay the same cost as the smokers! If you leave that bank, the coverage ends.

What good is a mortgage free home to a parent raising children? To maintain a standard of living and support the children and their future, a spouse needs cash or an income. Often times a surviving spouse ends up having to sell the home and move the kids out of their school to an apartment in a different neighborhood.

The average new couple will pay around $6000 dollars in mortgage insurance premiums in their first 5 years of financing a mortgage. With a 250,000 mortgage, homeprotector mortgage insurance was quoted for me, age 30, and my fiancée, age 26, at around $100 a month. This is only for 5 years of coverage. When I am 35, I will have to buy it again, and because I will be older, it will be even more expensive, even though my balance has come down.

There is hope. Right now, one of many major life insurance companies will insure my fiancée and I, individually, for 250,000 for a combined total a $40 per month! The best part is the coverage and monthly premium stay the same, locked in for 20 years!! If we both die, are kids get 500,000!!

Simply put, life insurance will save you a lot more money than mortgage insurance. Are you prepared to pay rising mortgage insurance costs for the next 10 to 20 years?

The question is simple, if you were gone tomorrow, what would you want your family to have? What do you want to be worth? A mortgage free home? The insurance your employer provides? A tax free lump sum of money that you calculated to best suit the needs of your family that can be invested and allocated at your discretion?

Any questions or concerns relating to this topic, please feel free to e-mail me at j.seguin@alliedfinancialgroup.ca . Allied Financial Group represents Canada Life, Manulife, RBC Insurance, AIG, Empire and many more.

We are all busy, but not too busy to save money and properly protect our loved ones.

Have a great day,

Jeff
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