Mortgage Insurance:

News from 2013

Mortgage Life Insurance: What to Look Out For

Mortgage insurance is not actually a good deal. Many insurance brokers have explained the perils of mortgage life insurance to the clients. Yet Canadians continue to buy these policies. Why are these policies such a bad deal? Well, there are numerous reasons why these profit pack policies are not a good value for Canadians. 1. The coverage is not portable:If the insured switches banks, moves, or sells their home, they will have to take out another policy.This could be a ...
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Life Insurance For People Over 50

People over 50 are most at risk for bankruptcy. According to a study conducted bybankruptcy trustees Hoyes, Michalos & Associates, those Canadians age 50 to 59 are the most at risk for bankruptcy.Their debts — including credit cards, personal loans and other forms not backed by assets — exceeded $84,000. However, with rising debt loads, many Canadians over 50 still require substantial life insurance. Many of these people get trapped into taking mortgage ...
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Unclaimed Life Insurance Benefits

According to the Canadian Life and Health Insurance Association, 22 per cent of the people who request a search for lost life insurance policies find one, and in about 25 per cent of those cases, the policies had actually been surrendered for their cash value or simply lapsed. However, the rest revealed unclaimed benefit amounts ranging from $3,500 to $210,000. The search is free to undertake, but there is a time limit. You only have a window of three months to two years following the ...
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