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Beware of mortgage life insurance sold by the bank with your mortgage

Have you purchased a family home recently or are you looking to buy one soon? Banks and other mortgage lenders will often offer you life insurance. This life insurance provides less flexible coverage and is often more expensive than purchasing personally owned coverage from a financial advisor. Coverage attached to the mortgage declines as the mortgage is paid and the premiums per $1,000 of coverage climb as the insured moves through different age bands. Talk to you advisor about getting more cost effective and comprehensive coverage.

Brendan Greenwood is an insurance advisor with Pelorus Transition Planning working to build financial independence and security for professionals, incorporated individuals, business owners, and their families through comprehensive planning and insurance strategies.

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