Instead of this sort of insurance, have a look at individual life insurance which is often more premium friendly.
Individual life insurance can be tailored to the amount of your mortgage, or the insured can put together their life insurance demands with their debt protection needs. The practical answer from a purely financial angle is to combine the two requirements. In addition, by taking out individual life insurance for a mortgage, you can select whether to make it a Term policy or a Permanent policy Term policies are usually taken out for the life of the mortgage agreement whether that's 10 years or 30 years. If you want a policy to run for your lifetime as well as know how much is being paid out each month, then the Permanent policy is the best one for you. Permanent policies can also build a cash value and can be paid up in a limited amount of years.
More perks of individual life insurance cover versus mortgage life insurance:
1. A change bank or change properties you do not have to start over again, this policy can be adjusted to reflect the change.
2. The insured chooses the beneficiary, rather than the lender.
3. The benefit is doubled if both parties died.
4. If you need to take out a Term insurance and a Permanent insurance then this can be done under the one scheme.
5. Cover can be kept up even after your mortgage is paid-off.
Delivered by Lorne Marr, life insurance quote expert from Toronto, ON