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Mortgage home
News

Mortgage insurance versus term life insurance

Lawyers looking to insure the investment in their homes may find life insurance a cheaper and more flexible option than the more traditional mortgage insurance, says Dawn Marchand, the vice-president of marketing and direct distribution for the Canadian Bar Insurance Association (CBIA).

“Life insurance is the cheaper option and it also gives survivors more control over the money,” Marchand tells AdvocateDaily.com.

While neither option is required when financing a new house with at least a 20 per cent down payment, many homebuyers rest easier knowing that their loved ones can continue to live in the family home should they die before the mortgage is paid off.

 

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aabc - 22.03.2017