Canada Mortgage Insurance: Shop Your Lenders Mortgage Life Insurance Policy
Written by Heather G. Blum on June 3rd, 2009
As soon as you begin to look for a mortgage, you will find yourself looking for a way to protect it. Many lenders will offer mortgage insurance, but you dont have to get your insurance from the same place that you get your mortgage. (An exception is purchase mortgage insurance, the kind the lender requires you to take out to protect them when you have a low down payment.)
If you receive information or offers for mortgage life insurance, look at them all to make sure to get the one that will be the best for your circumstances and save you the most money.
Like almost any other product around today, you can also shop for your mortgage insurance online. When you shop this way, it is very easy to put together a chart of costs and benefits for each policy. In addition, online offers are often cheaper since the processing costs are less. These types of offers are only made over the internet.
Online offers will frequently give you a mortgage insurance worksheet that will make it easier to calculate how much coverage you need on your home. Use these to look at all your offers, online and off and you will be sure of getting a birds eye view.
The amount of coverage is just as important as the premium you will have to. And dont forget to ask about policies that offer more than one coverage. You may learn that even though one company offers a better life insurance policy, their disability is better and cheaper and the combination is the best for you.
All this work is worth once you see how many various policies there are, and the differences in price. This is a long term choice, one you will be paying for a long time.
So dont be complacent and just take the offer that your mortgage provider gives you. Make sure you get a few quotes before you sign up for a policy. If you change your mind or find something better later, that may mean lost funds, or you may be dangerously underinsured when you need it the most. A hidden advantage to looking around is that you may find features that are important to you that you hadnt thought about at first.
Tags: Home, Insurance, Life Insurance, mortgage, mortgage life insurance, real estate
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