"Don't buy this at the bank - there's a better and less costly alternative" Mark Halpern,CFP Top Advisor in Canada

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Mortgage Insurance

• With bank mortgage insurance, coverage decreases as the mortgage decreases yet the cost of premiums shows no corresponding decline. Effectively, the cost per $1,000 of coverage increases as this type of insurance will only pay the balance of the mortgage outstanding at death. With life insurance, your payout remains fixed throughout the term.
  
• Life insurance pays more than just the bank. Bank mortgage insurance typically pays the balance of the mortgage outstanding so only the bank gets paid. With life insurance, there's something left for your family and loved ones.
  
• If you switch mortgage providers, you will usually need to re-qualify for bank mortgage insurance with the new financial institution. Given that you will be older, rates will increase. If your health has deteriorated, you may not even qualify for mortgage insurance. Life insurance remains valid no matter how many times the mortgage is refinanced or moved.
  
• Bank mortgage insurance is typically more expensive than life insurance. It is also subject to Provincial Sales Tax, whereas life insurance is not. Homeowners who are healthy and have a healthy family history, receive discounts on life insurance premiums.

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