You Should Avoid Mortgage Insurance In Canada

Reason #1 Generally, you should avoid mortgage insurance because mortgage life insurance from most lending institutions is non-convertible term insurance. Therefore there is no cash value.

Reason #2 No premium flexibility. You have no flexibility when it comes to premium payments.

Reason #3 No ability to move to a permanent life insurance policy if your needs change.

Reason #4 Usually mortgage life insurance covers the exact amount of your mortgage. Policy coverage decreases as the mortgage is paid down.

Reason #5 Coverage is lost when the mortgage is paid off.

Reason #6 Your lender owns the policy and if you find a better mortgage rate at another lending institution,

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“The greatest gift you can give your family and the world is a healthy you” – Joyce Meyer

Over a century’s worth of research underscores the link between life expectancy, physical health and strong, healthy family connections. The researchers behind a new meta-analysis conclude family support can increase survival by up to 50 percent. Moreover, exercising or losing excess weight turns out to be less important to physical health than interpersonal social networks.

The researchers analyzed results of studies going back to the early 1900s with a total of 308,849 participants. Strong family connections were found to help improve health and extend life expectancy. This is done primarily by protecting individuals from stressful situations or establishing a standard of healthy living.

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Joint Term Life Insurance Explained

First of all, what is “Term Life Insurance” ?

Term Life Insurance is where you take out a policy to cover a death of the insured for a set period – the Term.  To have  Joint Term Life Insurance Explained, we have to talk about a few more topics. These are typically used by people who may have a mortgage, or other large repayment commitment. These people require coverage to make sure that payments are covered in the case of death. Once the Term insurance is finished you do not get any funds in refund for not making a claim. In addition, there is no surrender value.

Once you stop paying the premiums on a joint term policy,

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