Mortgage Insurance

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Explained by an Expert: Mortgage Insurance vs Life Insurance

I’m going to look at how mortgage life insurance compares with regular life insurance. Mortgage life insurance is generally offered through a bank or a lending institution, and essentially, it is tied to your mortgage. One of the advantages of an individual life insurance policy is that it’s not tied to your mortgage. The coverage...
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Mortgage Insurance: 6 Must-Know Facts Before You Buy It

Insurance experts find some products more useful than others. For example: term life insurance, disability insurance, and critical illness insurance can change your life if you need the policy to pay out. However, mortgage insurance, accidental death insurance, and some other products fall into a category of “less useful products.” This is because a carefully...
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Average Size Mortgage in Canada Compared to Other Countries

At the end of 2015, the total Canadian mortgage debt stood at $1,262 billion. That puts Canada’s GDP well above other G8 countries. The vast majority of Canadians are typically responsible borrowers with a strong financial strategy. With job losses and huge increases in house prices, some people find they have overextended themselves. However, it...
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Record Debt Levels and Their Impact on Life Insurance Companies

Record Debt Levels and Their Impact on Life Insurance Companies

You’ve probably heard about how we’re dealing with record debt levels in Canada, but how does this impact life insurance companies and you as an individual or family? To help answer this question, we’ll take a look at how the debt level is calculated, how it affects Canadians, and how it impacts life insurance companies....
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6 Insurance Policies You May Need To Walk Away From

Contrary to what certain insurance brokers will try to get you to believe, buying an insurance policy for every occasion is not always a good idea. As everyone has a different need, it’s important to do some research and understand what the right type of insurance is for you. Taking out an insurance policy you...
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Are Homeowners Properly Insuring Their Increasing Debt Loads?

These days, it seems like debt is the norm. Instead of it being the “elephant in the room,” it’s all everyone talks about ─ the bragging rights one obtains from taking out a loan to buy a luxury car, or funding a vacation trip entirely on credit. According to a survey by Manulife Bank of...
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Top 5 Life Insurance Mistakes

Life insurance is always a tough sell: an invisible product that the policyholder will never actually benefit from directly, and yet they still have to pay for it every month. But if you don’t have it, you won’t be able to make sure your family maintains the lifestyle they’ve become accustomed to or replace your...
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What Canada’s Financial Experts Say About Mortgage Insurance

We’ve investigated and advised against mortgage insurance for years here at LSM Insurance, and it mostly comes down to one dastardly component of how it works — post-claim underwriting. Mortgage insurance is typically sold by banks when you get your mortgage as a means to pay off your mortgage when you pass away. However, the...
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An Insurance Horror Story: The Suicide Clause

Christine McCarthy was victimized by an abusive husband for years, and now, thanks to his choice to commit suicide, she’s being victimized all over again by her insurance company. Her husband’s name was Charlie* and he was an abusive alcoholic. The night before his death in April 2003, he had already been arrested for assault...
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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....
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