If you have a mortgage insurance at the bank, you could be losing out on the following benefits too:
Case Study:
For a 43-year male and his 39-year spouse, to have a mortgage insurance of $700,000 with one of Canada’s leading banks will have to pay $263.09 per month for a decreasing life insurance benefit.
We could offer them a level benefit covering both separately for $700,000 each and it would cost them $130.18 per month. That’s a huge savings of $132.91 per month.
These savings could insure them for an additional life insurance benefit of $700,000 each ($1,400,000 together) if they want to, creating a huge asset to their beneficiaries.
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