Mortgage or Insurance- the Ball is In Your Court
It seems like Canadians have now found a better alternative to mortgage insurance. Life insurance is more flexible and less pricey than mortgage. Most of the people are of the opinion that it is better to cover large debts with insurance while other feel that it is just an additional option without realizing that mortgage is a costly option. It has been observed that most people take mortgage insurance when they are closing their financial deal with the banks and that too without doing any price shopping. The payment of every installment in the case of mortgage insurance will lead to a decrease in the coverage but no decrease in the premiums. In case of mortgage insurance only the bank gets paid while in the case of insurance after repayment of the debt you would be able to leave back something for your loved ones.