Insurance options for your home

Term policies provide greater flexibility.

Deanne Gage 17 June, 2013 | 6:00PM

A recent BMO study found that half of Canadians plan to buy (or trade up) a home in the next five years. While lining up financing for your new property is top of mind, don't neglect reviewing your insurance options.

The first order of business is how to insure your mortgage in case you die before it's paid off. You could either get mortgage insurance through your bank or financial institution, or buy a term life-insurance policy.

People who opt for mortgage insurance do so because it's the only option they've heard about, says Jared Webb, a life agent with Victoria-based Fernhill Financial and a member of Advocis, the Financial Advisors Association of Canada. "They're at their financial institution and are often led to believe they need to have this insurance to continue with their mortgage financing," he says.

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About Author

Deanne Gage

Deanne Gage  Deanne Gage is a Toronto-based writer who has specialized in personal-finance issues since 1999. A recipient of several journalism awards, including one from the Investment Funds Institute of Canada, she is also a former editor of Advisor's Edge and Advisor.ca. She can be reached at deannegage@gmail.com.

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