Mortgage vs. Life Insurance: What’s best for you?
For most Canadians, the purchase of a home is the largest investment they will make in their lifetime. During a time you are already reeling with unexpected fees and paperwork you will most likely be offered “mortgage insurance” and it will be strongly recommended by your lender because it will protect that large investment, and could keep your family off the street. What a lot of new homeowners don’t know is that there are options.
Let’s take a look at the difference between mortgage insurance and life insurance.
Questions to ask yourself:
Do you want to own your policy?
Do you want to be able to choose the beneficiary?
Do you want to have options on how the money is used down the road?
Do you want to know your insurance will be paid out? Story of one unfortunate family here
In almost every case, the answer is very clear. Lower costs, ownership of policy, upfront underwriting, and more options in the future is far more beneficial for you and your family.
If you have any questions please feel free to reach out to an advisor with the Billyard Insurance Group to get more information.