Monday, September 22, 2008

Experts Say Life Insurance Cheaper than Mortgage Insurance

This released from the Canadian Press says that people who are looking to wrap up a new home purchase may find that life insurance is more affordable more flexible than mortgage insurance obtained through a bank. Most everyone will agree that it just makes sense to protect yourself when making large purchases with proper insurance. This is what started mortgage insurance in the first place.

However, when it comes to mortgages, many people don’t give insurance the proper thought it should require and thus are not protected on these important purchases such as their home. Many experts agree that this could be a very expensive mistake.

Now that people are starting to understand that mortgage insurance is a very important financial decision, they need to know the right place to get their insurance from. Unfortunately, many people are searching in the wrong places for mortgage insurance and are not getting the proper coverage they need. This is why many experts are now saying homeowners should consider life insurance instead of typical mortgage insurance.

Most people wait and choose their mortgage insurance when they are making closing arrangements on the purchase of their home. They fail to shop around for the best deals on insurance and this can be a real problem.

What are some reasons to choose life insurance?

You are more guaranteed to get professional service
You can shop around for better rates and coverage options
You have “portable” insurance with other benefits

Overall, when deciding between life insurance and mortgage insurance, it is suggested that you go to a professional or financial advisor before just purchasing mortgage insurance from the bank. A professional can help you make the right decision with your insurance options and avoid any unwanted surprises later.


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