There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
Video: Do you really need condo insurance? Dec 6th
Condo insurance is what it sounds like: coverage for your condominium. But watch this video to learn exactly what it covers and the difference between your condo policy and the policy of your home owner association (HOA) or condo corporation. It’s worth a few minutes of your time.
Watch: Mone.... More »
Critical illness and disability insurance in Canada Sep 29th
When I bought my home and car, I also bought home and car insurance—it wasn’t even a question. (Plus, car insurance is mandatory in Canada.) If you own a home or a car, you probably also have insurance to protect your valuable asset. You might also be one of the 22 million Canadians who have lif.... More »
Mortgage premium hikes reduce case for borrowing to boost down payment + MORE Mar 19th
With mortgage insurance premiums rising, homebuyers whose down payments are just shy of 20 per cent may be considering whether to tap extra sources of credit in order to avoid the higher costs.
But mortgage brokers say recent government rule changes lessen the case for doing so because people may en.... More »
‘Disgrace insurance’ safeguards brands against celebrity ambassador mishaps Mar 27th
Insurance compensates companies for the expenses of altering a promotional campaign due to an unforeseen disgraceful act
.... More »
Founder of Chinese company with billions in B.C. assets gets 18 years for fraud May 11th
Anbang Insurance Group's extensive B.C. holdings — including Vancouver's Bentall Centre and the largest retirement and care home company in the province — is now controlled by the Chinese government..... More »
The Insurance Bureau of Canada says drivers who work for ride-hailing service Uber should check to make sure their insurance policies cover their vehicles for commercial use.
How to Get Life Insurance For Your Mortgage
– ratesupermarket.ca
A home is almost always going to be the most expensive purchase any of us will ever make. The cost is so high that, usually, we do it in partnership with our spouse or other loved one and, for all but a very few, housing prices today require two working incomes to pay the mortgage and all the other bills. When you make the commitment to buy a house or condo, you should also purchase the peace of mind that a life insurance policy provides so that your partner (and family) are protected in the event of the untimely death of a breadwinner.
Also read: Stuck in the Starter Home>
But, what are the best options for needing life coverage for their mortgages? And how much coverage do you need? There’s no one-size-fits-all answer, but there are some do’s and don’ts to abide. Here’s what you should know.
Decline the Bank’s Offer
First thing’s first: do not buy mortgage insurance from your bank. When you sign your mortgage documents your banker or broker will ask if you’d like to have mortgage insurance…
