Taking out mortgage insurance may seem like a breeze, especially compared to the lengthy process of life insurance. Turns out, you’re paying for that convenience with the quality of your coverage – and you may find yourself without any, right when you need it most.
There’s no doubt, your home is likely the largest purchase you’ll ever make. If you arrange your mortgage through the bank, it is their responsibility to ask you if you want to insure your mortgage through them. While it’s easy to say yes, it’s a good idea to explore your options thoroughly first. Mortgage insurance is a good idea for some, but there could be a better option – life insurance. Let’s look at each closely and compare them for their drawbacks and their benefits.