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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