Money Maven

Mortgage Insurance -do you have it? Not to be confused with the mandatory CMHC insurance if you put less than 20% down, mortgage insurance is sold to you by your mortgage provider. They make it seem like part of the package, and that it's mandatory.

What is mortgage insurance? Creditor Insurance. Almost always more expensive than having your own life insurance policy, and as you pay the mortgage down you still pay the same policy amount. The bank is the beneficiary and it's underwritten at the time of death.

CBC Marketplace aired a show about Mortgage Insurance in Canada, and how it rarely pays out.

Understand what you have and know your options.