Life insurance a cheaper alternative to mortgage insurance, experts say

Canadians looking to wrap up new home purchases might find that life insurance is a more flexible and less pricey alternative to mortgage insurance obtained through a bank, say personal finance experts.

While most agree it makes sense to cover large debts with insurance, some argue when it comes to mortgages, most consumers treat it as an afterthought and don’t realize that buying through a bank can be a “costly mistake.”

“It is important that people know that mortgage insurance is just another piece of a comprehensive financial plan,” said Mark Halpern, a certified financial planner and founder of insurance website Illnessprotection.com.

“When you are not dealing with a professional, unfortunately you can have surprises and those surprises can come up at the worst time.”

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