68 - Friday, September 22, 1989 - North Shore News

REAL ESTATE

Be sure that mortgage
insurance suits your
family, personal needs

BUYING A home is proba-
bly the biggest purchase
you’ll ever make and it could
leave your family with its
largest debt if you die before
the mortgage is paid off. For
this reason, mortgage in-
surance is essential for the
security of most families.

By ISABEL WEGG
Contributing Writer

If you’re like many Cana-
dians you may take out mor-
tgage insurance through
your mortgage company.
Before you do this, however,
shop around, compare the
alternatives and get the best
value for your dollar.

There may be options
which better match your
personal and family finan-
cial needs and which offer
greater flexibility for the
future.

There are always advan-
tages to buying insurance
from your mortgage com-
pany. It’s convenient
because the mortgage com-
pany presents you with the
application. And if no medi-
cal information is required
on the application, it could
be the least expensive in-
surance available to you if
you have a history of medi-
cal problems.

Rae Phillips
597-5164

WOW! IT WILL TAKE YOUR BREATH AWAY

But with those advantages
go some disadvantages
which life insurance bought
from a life insurance agent
overcomes. For example,
with insurance from your
mortgage company, the
value of the policy decreases
as the amount of the mor-
tgage decreases. So when the
mortgage is paid off there’s
no insurance left. Is that
what you want? Or do you
Tequire the on-going security
which a fixed amount of hfe
insurance can offer?

Also, while insurance
through your mortgage
company pays off the
balance of the mortgage on
your death, that’s not always
in the best interest of your
beneficiary.

For example, if your mor-
tgage carries an interest rate
lower than that which is cur-
rently available when you die
and if your beneficiary
decides to sell the house, the
interest rate on your mor-
tgage could be an attractive
selling feature.

With mortgage insurance
that feature would be lost
because the mortgage would
be paid off. With a life in-
surance policy your
beneficiary would receive the
death benefit plus have a
mortgage which appeals to
potential buyers.

Bob Stevens

984-3471

Finally, look closely at the
costs of mortgage and life
insurance. Mortgage in-
surance is often sold on the
basis of low cost; however,
if you’re a healthy non-
smoker you may find that
term life insurance is at least
competitive with mortgage
insurance.

Term insurance can also
be converted into permanent
insurance at standard
premium rates and without
medical information. This
can be a great benefit if ill-
ness makes you uninsurable.

Whether you insure your
mortgage through your mor-
tgage company or through
life insurance, ensure that
the coverage serves the best
interests of all involved —
you, your family and other
beneficiaries.

For more information on
insurance and mortgages call
the Information Centre
toll-free from anywhere in
Canada at 1-800-268-8099 or
write to the Information
Centre, Canadian Life and
Health Insurance Associa-
tion, 20 Queen St. W., Suite
2500, Toronto, Ont., MSH
382.

Isabel Wegg is vice presi-
dent of communications for
the Canadian Life and
Health Insurance Associa-
tion.

~ LOCATION, LOCAT

Absolutely fabulous throughout this targe 5
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el
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Needs some updating inside, but how else can
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984.3471 (Res.}

FINISH THIS HOME YOURSELF AND SAVE
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984-3471 (Res.)

ea / Sea
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“73935

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LOCATION — QUALITY
Ahome that you would be proud to cail
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VIEW TUDOR
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985-8944

3634 GARIBALDI
$219,900 — BROOKSIDE LOCATION
New top-of-the-line townhome in the most
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986-4371

Innovative style makes this comer view sulte
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opal Br

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ON SECRETE ENE NTN