ARITHMETICS OF DIVORCE 403-830-6117
  • HOME
    • About Alia
  • DIVORCE / MEDIATION
    • Cohabitation Agreements/Marriage Contracts
    • Divorce Options
    • Matrimonial Property
    • Child Support
    • Spousal Support
    • MEDIATION / CFDS
    • FAQ
  • Financial Services
    • Financial Planning
    • RESP
    • Life Insurance for "Visitors to Canada"
    • Travel Insurance
    • Loan Insurance
    • Mortgage Insurance vs Term
    • Health Spending Account >
      • What is Covered?
    • Videos
  • Commissioner For Oaths
  • Contact 403-830-6117
    • Disclaimer
  • RU
    • Страхование Жизни
    • Инвестиции
  • FEES
Picture


MORTGAGE INSURANCE  vs  TERM

With most lending institutions' mortgage life insurance
  • Mortgage life insurance is non-convertible term insurance
  • Insurance from lenders usually covers the exact amount of your mortgage. Your coverage decreases as the mortgage is paid down. When the mortgage is paid off, you have no coverage.
  • The cost per thousand dollars of coverage generally increases every year. When you think about it, this means your cost could increase while your coverage decreases.
  • The lender owns the policy. You can’t move your mortgage insurance to another lender. If you find a better mortgage somewhere else, you may have to re-qualify medically for the mortgage insurance protection.
  • Your lender automatically pays off the mortgage if you die.
With Personal Term Life Insurance or
​3 in 1 coverage
  • Term ( 15-20-30/65-100) life insurance products are fully convertible to permanent policies ( depending on insurer)
  • You determine the amount of coverage you need and your coverage doesn't decrease as the mortgage gets paid down
  • You choose the type of life insurance that suits your needs, with premiums to fit your budget. For example, you can choose from a range of term and permanent life insurance solutions. You can choose a policy that keeps your premiums locked-in for 10, 20 years or your lifetime.
  • Your policy can be customized ( Joint-first to die)
  • You own the policy, not the lender. You can switch your mortgage to another lender  without loosing your life insurance coverage
  • Your beneficiaries can choose how to use the funds ( pay off the mortgage or invest proceeds)
Mortgage coverage 3 in 1 (Term Life Insurance + Disability+ Critical Illness) 
RUN QUOTE 3 in 1
Disclaimer
Contact 
Services
This information is provided for general information purposes only. It does not constitute professional advice and does not create a advisor-client relationship. Please consult  a Certified Financial Planner about your specific needs before taking any action.  insurance products and services are provided by Alia Turkunova-Rausch. 
Copyright © 2023 ATR . All rights reserved
  • HOME
    • About Alia
  • DIVORCE / MEDIATION
    • Cohabitation Agreements/Marriage Contracts
    • Divorce Options
    • Matrimonial Property
    • Child Support
    • Spousal Support
    • MEDIATION / CFDS
    • FAQ
  • Financial Services
    • Financial Planning
    • RESP
    • Life Insurance for "Visitors to Canada"
    • Travel Insurance
    • Loan Insurance
    • Mortgage Insurance vs Term
    • Health Spending Account >
      • What is Covered?
    • Videos
  • Commissioner For Oaths
  • Contact 403-830-6117
    • Disclaimer
  • RU
    • Страхование Жизни
    • Инвестиции
  • FEES