Every mortgage is big—to you! Pinch your pennies by avoiding the mortgage life insurance that’s pushed by the bank!
APPLYING FOR A MORTGAGE
Applying for a mortgage is stressful. It’s easy to get emotionally invested and excited! (As you should be.) You’ll put in an offer and hope it’s accepted. And when it is, there’s an approval process and a mountain of paperwork… Sign here! Fill this out! Do this! Get that! And suddenly it’s over. But do you know what you got?
DO YOU EVEN KNOW YOU JUST BOUGHT LIFE INSURANCE?
Most first time homeowners aren’t even aware they bought life insurance as part of their mortgage. Why? Because it just seemed like a part of the process. This is true: A bank can require you to get life insurance when you get a mortgage. But this is also true: A bank CAN’T make you buy THEIR life insurance.
3 REASONS WHY YOU WANT TO GO ELSEWHERE
- It’ll be cheaper if you buy it separately
- The life insurance will remain a level amount (instead of decreasing as your mortgage principle goes down)
- It won’t be subject to scrutiny at the time of death
Just check out this CBC video to see what can happen: http://www.cbc.ca/marketplace/episodes/2008-episodes/in-denial
Don’t be pressured into buying life insurance with your mortgage! Giddyup is always here to give you the facts. No pressure, no bull.