Vous avez cherché: wrong person always teach you the lesson o... (Anglais - Pendjabi)

did you know your mortgage life insurance goes down every time you make a mortgage payment? well it’s true! the amount of life insurance you are paying for will only cover the outstanding balance of your mortgage. this means, as the years go by, and you pay down your mortgage or other insured loans, your level of life insurance coverage also goes down. you might think this is ok if your premiums for the insurance were also reducing accordingly. that seems logical. unfortunately, this is not what happens. as you pay down your mortgage your premiums for the mortgage life insurance stay level. what seemed like a reasonable price for life insurance when you first took out your mortgage or loan can become the most expensive policy you have over time. think of it this way. at age 35 you buy a home with a mortgage of $350,000. you and your spouse/significant other are paying $80 per month to each be insured for $350,000. looking ahead 15 years, you are now age 50. you have been good at paying down your mortgage and are into the final stretch of getting it cleared away. you only have $50,000 of debt still owing on your house. yet, the cost to be insured for just $50,000 is still $80 per month! this is a very expensive policy in comparison to what you could have bought. personal life insurance offers level coverage for a level premium, guaranteed for a term number of years (like 10, 20 or 30 years) or for life. you know that while you have a personal life insurance plan, if anything happens to you, the payout to your beneficiaries will be exactly what you originally bought. important – when looking at the price of mortgage life insurance through your bank, the plan is designed to be more competitive in price for the typical age of canadians buying a home. prices from the late 20s through the early 40s are price somewhat competitive with personally owned life insurance. once you get into your late 40s and up, the price for the bank’s mortgage insurance is terribly high, and can easily be beaten by shopping for your own personal life insurance policy
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