Life & Money

#MoneyMythMondays — Mortgage Insurance

November 10, 2014


#MoneyMythMondays — Mortgage Insurance

Life & Money

Starting this week, we’ll be starting a weekly series debunking common myths about personal finance in Canada.

This week’s Money Myth:
“I have to buy the insurance that comes with the mortgage.”

Mortgage insurance offered with mortgages feel pretty standard and even mandatory, but you’ll typically save money and get a much stronger life insurance policy by going directly to an insurance broker.

Here’s a WealthBar Pro Tip: No matter how much you are pressured, just say “no” to mortgages insurance offered by your mortgage lender. Read our previous post on why we think a term life policy might be the better choice.

Have a suggestion or want to add to the discussion? Tweet us with the hashtag #MoneyMythMondays! 

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