Mortgage
Life Insurance
Author:
Ivon T. Hughes
Owning a home
is a dream for most of us, although it is an expensive one. The monthly payments
usually take up a big slice of our monthly income, and the sudden loss in
the event of you or your spouse's early death may leave your survivors unable
to make payments. To make your family is protected from financial hardship,
consider Pick-a-Term Mortgage Protection insurance.
Pick-a-Term
Mortgage Protection has a descreasing death benefit to match your mortgage
balance at the beginning of each year. And because the death benefit decreases
along with your mortgage balance, the cost of Pick-a-Term is less expensive
when compared to non decreasing term life insurance.
Life Insurance:
Decreasing Or Not?
If you go to
your local bank, along with the mortgage they will try and sell you what
they call "mortgage insurance". This is not "mortgage insurance"
but "life insurance" where they protect themselves by having you
buy their policy. You need to be clear how this operates; you are paying
for an expensive policy which they own and in which they are the beneficary.
Further, the amount of the policy decreases though the premium remains the
same. If they decreased the premium along the coverage, it may not be too
bad, but they don't. The way it is now the policy decreases, you pay for
it, they own it, control it and will benefit from it.
So if you want
to control your own financial life, get your own life insurance policy.
Then you can control the level of coverage that suits you.
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Web: www.hughestrustco.com
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