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Why mortgage life insurance may not be the best bet

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Ami Maishlish

Good points. I’d add that the perceived “ease” in being approved to pay premiums is inversely related to the cost of the perceived coverage. (sometimes people confuse approval to pay premiums with the perception of acceptance to be insured; however, that’s another topic…)

The general public can use the free resource at http://www.winquote.net for market overview and pricing. Best, however, is to consult with a knowledgeable, licensed and LifeGuide-equipped advisor. The value difference can be substantial while the cost for the increased value in individual rather than creditor group insurance may likely be substantially lower.

Friday, Nov 17, 2017 at 11:16 am Reply

Kerry Knudsen,CFP

One other very important type of insurance to attach to a mortgage is Critical Illness coverage. Furthermore, if a person discovers there is a premium for some form of life or health insurance embedded into their mortgage payments, is to first apply (and be approved) for coverage privately, where you can establish beneficiary designations to your family first, but do not terminate the bank coverage until the new policy is issued and in force. Kerry Knudsen,CFP , Spectrum Financial, Winnipeg

Friday, Nov 10, 2017 at 10:38 am Reply