Life Insurance

[Sammy]

Now that I am having a second kid and buying a house, its time to think about life insurance. Just wondering if anybody here can give me some advice on what to get? I was going to go with life insurance on my mortgage, but heard that might not be a good idea due to the depreciating value of the mortgage. Any tips would be greatly appreciated.

[fourtrack78]

I would have a separate \"life insurance\", don\'t for get to add your children. I would also go with mortgage insurance but make sure it’s on the X amount of dollars borrowing for the mortgage and not what\'s left on the mortgage. Also recommend separate heath insurance for the mortgage, anything happen to you pertaining to your heath and you can\'t work you’re covered.

Also don\'t forget to do a will.

[SABIO]

mortgage insurance is good... Usually it\'s a high $$ amount. And the cost to insure it is not alot. When the mortgage is paid down, you can cancel it.
Life insurance from a seperate company is also a good idea...but usually cost more.

$300k mortgage life insurance is a lot cheaper than getting $300k life insurance.


but get both.

[Sammy]

man, life gets complicated as you get older! so it sounds like i should get mortgage life insurance, health/disability insurance from my mortgage and a seperate life insurance plan (i think i get a bit of this from my work benefits) and i better prepare a will too. My mortgage is from BMO, any suggestions what companies offer the best rates for life insurance? I also have to renew my car insurance after moving and get house insurance ... have i missed anything? now i know why the insurance companies are raking it in! i guess its better to be safe than sorry.

[TheProfessor]

The mortgage insurance is a really affordable option, definately do that as soon as possible.