#MoneyMythMondays — Mortgage Insurance
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!