Life Insurance vs. Mortgage Insurance: Which is the Better Investment?

For the majority of Canadians, a home is the largest investment they’ll ever make. Therefore it’s only natural that most people seek out insurance plans to protect their investment.  But is mortgage insurance or life insurance the better option when safeguarding your home?  While both ensure that your mortgage is paid should something happen to you or your partner, there are significant differences between the two options.  Is mortgage insurance or life insurance best for you?  We’ll walk you through the most important differences between the two in the article below.

The Advantages and Disadvantages of Term Life Insurance

When investing in term life insurance, you’re protected for the duration of the policy – generally that’s 10, 20 or 30 years, or to a specified age like 75 or 80 – depending on the term that you choose.  The amount of money that’s paid out to the beneficiary never changes, even as you pay down your mortgage.  But, should you need to renew for another term, you could potentially pay higher premiums depending on your age and overall health.  However, term life insurance rates are generally less expensive than mortgage insurance.  In addition, your term life insurance policy stays with you for the duration of the policy, even if you sell your home, renew your mortgage, or change lenders.  Typical term life insurance policies do require a medical exam in order to secure coverage, which can make the enrolment process more complex than applying for mortgage insurance.

The Advantages and Disadvantages of Mortgage Insurance

Mortgage insurance is convenient. Typically it’s purchased from the bank or financial institution that’s lending you the money for your mortgage, and added on to your monthly payments.  However, there’s a cost to this convenience.  Mortgage insurance is typically more expensive than life insurance – and while your premiums remain the same for the length of time that you’re insured, the potential pay out shrinks as you pay down your mortgage.  Plus, each time you renew your mortgage or change lenders, you’ll need to renew your policy.  However, when compared to a typical life insurance plan, mortgage insurance is much easier to arrange, as it often does not require a medical exam.  But no medical life insurance plans make that point a non-issue. Most men report that they greatly aid them in treating premature ejaculation and in answering how do I start? Where do I begin?” Here are some suggestions for you to not forget during this treatment: tadalafil for women Take only one tablet in a day prior to an intercourse Take the tablet before 40 minutes of intake, only when they are taken during the sexual stimulation and after. The man in the marriage may feel responsible and do all the tricks in the book to increase female libido naturally. http://frankkrauseautomotive.com/cars-for-sale/2010-lexus-rx350/ cialis no prescription The mellow side issues levitra uk http://frankkrauseautomotive.com/page/5/?s=cars&car=1&stock&search_condition&search_make&search_year&search_model&search_dropdown_Min_price=0&search_dropdown_Max_price=0&search_dropdown_tran&search_dropdown_miles&am incorporate a cerebral pain, stuffy or a runny nose, facial flushing, queasiness, stomach bombshell and unsteadiness though the outrageous ones include excruciating and delayed erection, mid-section blockage, and sporadic pulse. During the first study, the participants were cheap viagra discount given 600mg to 100mg doses of the root, thrice a day.

What’s best for you?

There are plenty of factors to consider when insuring your mortgage.  Both mortgage insurance and life insurance essentially serve the same purpose, but as outlined above, there are some important differences.  Ultimately that means it’s imperative that consumers do their research and consider the whole picture – including living costs and insurance needs – before selecting a policy.