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
CMHC to raise mortgage insurance premiums for new homebuyers as of March 17 + MORE Jan 18th
OTTAWA _ Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance for new homebuyers effective March 17.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
“We do not expect the higher premiums to hav.... More »
Pay for insurance annually Jan 6th
Almost everyone pays their insurance premiums monthly, but according to Chad Larmond of Larmond Risk Management Insurance, that’s not wise. “By paying annually, you will save 7% to 9%,” he says. There are three things working against you when you pay monthly. First, there is an administrative .... More »
Wrestling through competing priorities Jan 2nd
(Photograph by Simon Willms)
We invited our readers in January to take an active role by writing to us and explaining in a few sentences why they needed a personalized money makeover with a MoneySense Approved Financial Advisor. We got close to 400 letters and, in the end, chose two couples and a si.... More »
Do I really need life insurance? + MORE Jul 31st
Life insurance shouldn’t be one of those things you put off thinking about—because you (and the people who depend on you) could need it at any time. But many do wonder if it’s worth the monthly premiums. How do you know if it’s necessary? Why do we need life insurance anyway?
“In gener.... More »
Hurricane Scalise Jul 22nd
A GOP leader wants to scuttle even minor flood insurance reform..... 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…
