Why Do You Need a 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 Taayla
Mark with Engrace 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 behalf 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 new
lender 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 did
a story on mortgage insurance call marketplace in denial. If you have a
mortgage or planning to get one it is worth your time to click on the link
below and watch the story. bottom line talk to your financial
adviser about mortgage insurance and make sure you are doing the needs
analysis 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 get
your mortgage insurance? Is it with a bank? Let us know. I would love to know
more 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.

Paul Whisler

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