Mortgage vs life insurance: Which is best?
If no one mentioned it during the course of financing your new home, the term “mortgage insurance” could be an unwelcome surprise that stretches a tight budget even tighter.
A mortgage is the largest investment most Canadians will ever make, and protecting that investment is crucial. For a first time buyer, the decision between mortgage or life insurance can seem like a daunting task. This Moneyville article illustrates the benefits of fitting mortgage insurance into your budget.
Purchasing mortgage insurance ensures that your mortgage will be paid in the event of your death. In this article, we learn the many differences between acquiring mortgage insurance versus life insurance. The costs, coverage, and terms differ from one product to the other. Of course, every household has different needs, and having access to varied options can make the process easier. It is always beneficial to consult your Mortgage Broker for further information on the mortgage insurance options available to you.
To read the full article from Moneyville, click here.