Question:

What mortgage insurance a broker would recommend?

Answer:

When deciding on life or mortgage insurance a broker would recommend assessing different options.

Mortgage Insurance Broker Recommendations

Firstly, life insurance is often referred to as mortgage insurance if protection is provided to dependants of a person paying a mortgage. Your own mortgage lender may offer you to purchase life/mortgage insurance with them. They may be offering reducing term life insurance. The death benefit would drop to zero when loan balance is fully amortized, but insurance payments remain the same for the lifetime of the loan. If you are taking this type of mortgage insurance brokers would say you sign up for mortgage insurance with guaranteed coverage.

A life insurance broker would get better rates to you if you are a healthy, non-smoking young adult but the elderly and people with medical conditions will fare much better with mortgage insurance instead of typical life insurance policy.

Consider going to mortgage or life insurance broker to advise you on best mortgage insurance options for you and your family.

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