Your home is probably the biggest investment you'll ever make. So when considering your purchase, it's also a good time to increase your insurance coverage.
Mortgage Life Insurance
Don't be fooled by the insurance offered by banks. Often you can have more control and obtain better prices by buying life insurance privately.
Check out this CBC Marketplace documentary that ran on February 6th, 2008. Video courtesy of CBC Marketplace.
Disability Income/Critical Illness Insurance
There's a lot to bear in mind as a homeowner, such as your expected ability to pay your bills and remain in good health. Even if you have some emergency funds in the bank, how well could you live if you suddenly weren't able to work for months, or even years? Remember, for these reasons, everyone who works and earns a living should consider purchasing disability insurance. |
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Another type of insurance to consider is Critical Illness insurance. Critical Illness insurance can provide a lump sum payment to help pay your mortgage and othe bills and keep your finances healthy if you experience and need to recover from a life-altering illness.
Thing to think about:
Do you know someone that has suffered a critical illness such as heart attack, stroke, and cancer?
Did they plan on it happening?
Were there unplanned emotional and financial strains on the household or business?
Would cash have helped ease the stress and allow the client to focus on recovery? |
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