Mortgage Insurance Bad: 
The Series

I was 26. I just bought my first condo and I was so excited to finally move out of my parents' house (don't judge me). I sat down with the mortgage agent at the bank and they went into a prepared presentation about "what if you die? Who will pay the mortgage? You need mortgage insurance". I thought to myself: Ya, who will pay for it. Let's do it.

After I initialed a tiny box, my mortgage payments went up by $80 a month. I thought my family would be ok if I did die; the mortgage would be paid.....Then 2 things happened:
1) I moved - and realized the mortgage insurance only insured THE MORTGAGE, not me
B) I became an insurance advisor and realized how bad mortgage insurance is

Over the last few months, I have seen a lot of clients take advantage of the housing market and move, sometimes increasing the size of their mortgage and thus, the amount of insurance they need. As an experiment, I ask them to find out what the mortgage "insurance" would be and every time, personally owned term life insurance was a better deal.

Here is an article I wrote on it a few years back.
If you have a mortgage, give us a call, and let's see if we can get you better coverage for a better price.

If you need something done, have a concern, or something is worrying you financially, call the office or email me at ken@selectpath.ca. If you want to book a meeting, please use our online calendar.