If you have a mortgage it makes good sense to insure it. Owning a debt free home is an objective of any sound financial plan. In addition, making sure your mortgage is paid off in the event of your death will benefit your family greatly.
The question is should you purchase this coverage through your lending institution or from a life insurance company? A good rule of thumb to follow when searching for advice? Ask an expert! Read more
If you own your home, chances are you were offered mortgage life insurance from your bank. This type of insurance is sold by the banks as a flexible, low-cost way to protect one of your largest financial obligations.
If you die, get a terminal illness, or suffer an accident, your mortgage life insurance can pay the following benefits:
- Your entire outstanding mortgage principal amount, up to $500,000
- Up to five years of accrued interest, and
- Any debit balance in your tax account Read more