Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi

   Home   Submit Your Article   Success Stories   Search

Similar Articles

Life Insurance: Right Protection = Right Product + Right Amount
Right Protection = Right Product + Right Amount There is no doubt that everyone needs life insurance, but the real question is how much and what ki..
What is CMHC Mortgage Loan Insurance?
CMHC’s Mortgage Loan Insurance is an insurance that covers your lender’s risks associated with financial loss that can occur when a homeowner defaults..
Most Common Mistakes
Most Common Mistakes People Make Regarding Life Insurance Life insurance protects against the risk that an insured person will die too soon and be ..
The Significance of Funeral Insurance for Seniors in Canada
What is Funeral Insurance and why is it Important? Funeral insurance is the way to make sure the expenses for the funeral of a policyholder are cover..
Mortgage plain talk - Difference between 'amortization' and 'term'
There are many stresses associated with home buying – both financial and emotional. And frankly speaking, it doesn’t help that the process comes with ..
Insurance- Life, Visitor, Critical, RRSP, RESP-Free advise-Rajneesh
Hi Everyone I deal with all major Canadian Insurance companies. I am professional educated and have very competative rate. Please call me for getti..
How much will the house really cost me?
How Much will it Really Cost? Once you have figured out the home price range you can afford and the type of mortgage you qualify for, you will need t..
Mortgage 101 The purchase of a home is one of the biggest decisions and significant financial investments a consumer makes. It is extremely im..
Universal life insurance plans have distinct benefits, which set them apart from term, permanent and other life insurance plans. Universal life insura..
Mortgage Broker and Become a mortgage Broker
Unless you're switched on an understand specifically what's happening with the property market at all times, you will have to know where to find good ..
Mortgage Basics
On 10th January, 2004 on a very cold Saturday afternoon a group of 25-30 Canadian Desi’s met in Toronto for the first ever meeting of Canadian
Buying a Home: What You Can Afford
Buying a Home: What You Can Afford If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - ..
Buying a Home: What You Can Afford
If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet ..
How to save for a down payment
Owning your own home has a lot of payoffs, especially these days when mortgage rates are still among the lowest in 30 years. There are also many housi..
Canadians' Investment Dilemma: The Mortgage Or The RRSP?
It's not hard to figure out where Canadians are spending their investment money these days. Real estate sales have hit record levels for several year..
Articles Groups
  • Canadian Immigration & Citizenship
  • My Experiences with Canada
  • About Canada
  • Tips for job findings
  • Housing and Mortgages
  • Money Matters
  • Tips for newcomers to Canada
  • RESP & Insurances
  • Education in Canada
  • Miscellaneous
  • Insuring your biggest investment--- your home

    By Hardy9

    Your home is probably the biggest investment you'll ever make. when arranging mortgage,your mortgage company offer you mortgage insurance. have you consider the advantages of personal life insurance to cover your mortgage?you must know what is the diffrence between them.

    Mortgage Insurance:-
    Most companies offer decreasing term insurance mean the benefits are decreasing but the cost of the insurance remains level,the coverages expires without allowing you the opportunity to purchase other insurance or provide you with cash values.
    the proceeds are payable to the mortgage company,in the event of death,the mortgage company is automatically repaid.
    In most cases, if you take your mortgage to another company,you lose your protection. To obtain mortgage insurance with the new company you must submit new satisfactory eveidence of health and new satisfactory eveidence of health are subject to the current rate charged by the new company.
    The face amount can only be the exact amount of your mortgage no more no less
    you may not be able to insure both you and your spouse if the mortgage is registerd in only one spouse's name.

    Individual Life Insurance:-
    you can choose term coverage and match the term length to your amortization period.A term life policy may be coverted,regardless of health, 35 year level premium term life insurance is available in the market which may cover you upto 95of your age. It provide more coverage with less dollar
    You appoint a beneficary who can use the proceeds in wharever manner he/she wishes(i.e., to invest rather than payoff a low intrest mortgage)
    Your policy is portable. If you transfer your mortgage to another company,your insurance remains in force. you don't need to re-apply and provide your are protected from the danger of losing your insurance beacuse of your health.
    you may select an insurance amount sufficent to cover your mortgage and other outstanding debts and term length to match your amortization.
    You can insure both you and your spouse even if the mortgage is registered in one spouse's name

    Hardyal S. Riar


    Discuss this article

    Article Rating is 10.0000 (Excellent).
    Rated by: 3 voters.
    How do you find this article?
    Excellent Good Average Poor Very Poor

    You can also Submit an Article and help other community members. Thanks.

    Please Contribute!
    Write an Article
    Send Community News
    Create Photo and Video Albums
    Submit Good Pictures
    List Useful Websites
    Post Jobs
    Submit Events
    List for FREE!
    Social Organizations
    Religious Places
    Employment Agencies
    Email Page
    Your Email
    Friend\'s Email

    Advertise Contact Us Privacy Policy and Terms of Usage FAQ
    Canadian Desi
    © 2001 Marg eSolutions

    Site designed, developed and maintained by Marg eSolutions Inc.