From what I have heard over the years Mortgage Insurance through the banks may not be the most practical way to go. Usually costing between $50-$75 per month added onto the monthly payment. Another option could be a term life insurance policy. This, you can get for a set amount at a fraction of the cost in most cases!
Says, Jeremy Laughren of Freedom 55 Financial in Surrey, "You've worked hard to find just the right home. Shouldn't you take the time to find the right mortgage life insurance protection for you and your family?"
With Mortgage insurance through the bank, the payment stays the same even though you are paying down your debt monthly. With a life insurance policy the payment stays the same (lower) but you will always get the set Insurance amount! Make sense?? If you need more information on this it really is best to talk to the Insurance Guy!
Jeremy Laughren is at file://www.jeremylaughren.com/