Life Insurance

You control the type of insurance plan you purchase: term, permanent, joint, and any benefits you may wish to add, like waiver of premium which will make your payments should you become disabled. Having control allows you to shop for a better mortgage upon renewal instead of being tied to one lending institution.

At your death, (or the death of your spouse) the survivors do not have to pay off the mortgage if economic conditions do not warrant it. For example, it may not be advisable to use the funds to pay off the mortgage if the surviving family can invest the death proceeds and receive a higher return than the mortgage interest rate. Similarly, if the surviving family is considering selling the home and moving elsewhere it is often easier to sell a home with an existing mortgage than one with no mortgage.

* Click here to determine how much life insurance you need