Hi All,

I know it’s been awhile but I have been busy. Anyway, I just wanted to write about mortgage insurance. When we went to apply for a mortgage, the person at the bank included mortgage insurance with it. I did not think anything of it at the time, other than it was just another added cost which annoyed me as they just keep popping up.

Why can’t people just tell you what it’s going to cost up front? I am very tired with added on ’service fees’ and they like which make your total cost go up %25. Anyway, back on topic.

Instead of just nodding my head and accepting it, I decided to see if there were other options. The mortgage insurance price offered was $70 a month but that is still money that is leaving my pocket. I called the same people that I have my car (and now house) insurance through.

They explained the options to me and I decided to cancel mortgage insurance and go with Life insurance instead of mortgage insurance and I will tell you why. With mortgage insurance, if you die it pays off the remainder of the insurance and mortgage. Doesn’t matter how much is left on it, even if it’s just a few thousand dollars. With life insurance, if I die my other half gets 400K no matter if it’s tomorrow or 15 years from now when our mortgage is almost gone.

So we will be spending about the same amount of money, but the payout is double with life insurance and it does not go down at all.

Anyway, the insurance agent came over last night and we finalized everything and I am now insured. So is she, just not for as much. Not sure why I am insured for more, but it’s nice to know that money is there should I ever kick the bucket.

Now in the next little while I have to do some research into critical illness insurance as that is what people are recommending. Any thoughts on that one?

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