Mortgage Insurance in Canada

I had a mortgage with TD back in the day when I owned a condo. Yeah? I don’t own a condo anymore! Hi, my name is TaaylaMark with Engrave Financial Solutions and you are watching Street Smarts with Taayla. Thank you so much for joining me! Today we’re going to talk about mortgage insurance; we’re going to unpack that a little bit and give you some information on what that’s about.

So we’ll go from here. Mortgage insurance is the bank’s version of life and disability insurance in the events that you become sick or injured or you passed away the mortgage insurance payout on your behalfs to the bank to cover your mortgage. As an example, if you pass away do you want your insurance payout to go to your lender or to your family? And the insurance is not portable.

That means if you decide to renew your mortgage with another lender you have to requalify for your insurance with that newsletter that could be a huge problem if your health has gotten worse since then. in most cases you are actually paying higher premium for less benefits. CBC dida story on mortgage insurance call marketplace in denial. If you have amortgage or planning to get one it is worth your time to click on the linkbelow and watch the story.

bottom line talk to your financialadviser about mortgage insurance and make sure you are doing the needsanalysis with your advisor to ensure that you’re seeing the whole picture. Having the right information is the way to make good decisions. Where do you getyour mortgage insurance? Is it with a bank? Let us know. I would love to knowmore about you! And don’t forget to subscribe, thumbs up …whatever just interact with me and I would love to come back and talk more with you. Engrace Financial Solutions, Financial success makes simple.