If you are looking to renew or refinance your mortgage, or buy a new or larger home this year, chances are mortgage insurance will be recommended. But before saying 'yes' to mortgage insurance, consider increasing your term life insurance coverage instead.

Term life insurance, as an alternative to mortgage insurance, has become more and more popular. Not only because the last several years have seen term life insurance rates decrease making it a money-saver for most, but also because term life insurance policies have features not commonly found with a mortgage insurance policy.

Term life insurance takes into account ALL the money your family will need.
Mortgage payments are not a family's sole expense and a term life insurance policy recognizes this fact. Term life insurance can be used towards anything that helps your family: whether it is to pay for funeral arrangements, day-to-day living expenses, or contributing to the future education of your children. The surviving family members are not restricted to how the money can be spent.

You choose the beneficiary.
With a term life insurance policy, you choose the beneficiary. With mortgage insurance, normally the beneficiary is the lending institution.

The premium you pay is guaranteed for the length of the coverage.
Your term life insurance premium is guaranteed not to increase for the duration of the term. This means for example, if you have Term 10 policy your premiums are guaranteed for 10 years; if you have a Term 20 policy your premiums are set for 20 years.

You are given credit for your healthy status.
Term life insurance takes into account the fact you look after yourself. Because mortgage insurance policies are usually part of a group plan, you pay the same rate as everyone else in your age bracket - regardless of how well you look after yourself.

We can help.
If you already have a mortgage insurance policy, or are considering purchasing one, we can help you compare the rates, features and options of your current term life insurance policy to the mortgage policy you already have, or are considering. Both Ken and Irina are available to answer your questions and provide guidance and can be reached toll-free in Canada at 1.888.922.8422 or 416.591.9996.

P.S. Pass this around to your family and friends. They can get their term life insurance quotes online at www.kanetix.ca.