insurance cmhc
In Canada is buying life insurance from your lender required? (It does not refer to CMHC Mortgage ins.)?
So if you buy a home with less than 25% down payment, you must pay for mortgage insurance provided by CMHC, AIG or Genworth (GE). However, my lender has added "Secure Life "to the tune of $ 237 per month in my monthly payment, and is completely independent mortgage insurance. Is this mandatory? do not see any exclusion clause volunteer of the same. I get far superior life insurance through my employer for just $ 83/month. Do I have to go with lenders?
No is required, and are supposed rights clearly stated in the paperwork. You are correct that insurance is a bad deal, one of the highest insurance goes, and costs the same each month whether to pay the debt or not, however, only pays the mortgage, due at time of death. Bad business.