We’ve Got The Answers: Is Mortgage Insurance a Ripoff?

Posted on March 20, 2017 and updated January 23, 2019 in Life Insurance Canada News, Life Insurance Questions - We Have The Answers 1 min read

Today’s Question: Is mortgage insurance a ripoff?

The word ripoff is a very strong word, however, if you were to ask me if Mortgage Insurance is a good deal, I would generally say no. If you are a non-smoker, Mortgage Insurance would end up costing you more as opposed to an Individual Plan.

There is a good side to Mortgage Insurance. For example, if you are a smoker, the rates for Mortgage Insurance may actually be less. If you have any health conditions, it is best to cancel your Individual Plan before applying for Mortgage Insurance.

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