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MoneyGuy · 03-26-2009, 09:49 AM

This MarketPlace video takes over 20 minutes but it’s very revealing. http://www.cbc.ca/marketplace/2008/0...lways/#comment

One of my favourite criticisms about bank insurance is the fact that usually your premiums are based on the original insurance amount and it never changes as your mortgage declines. That means that if your mortgage was $200,000, as the amount owing drops you’re paying the same premium as on $200K. When your mortgage is $100,000, you’re paying a premium based on $200,000 of debt.

Also, if you're young and healthy this group insurance is underwritten as a group, so you're underwritten the same as a 60-year-old fat guy who might have diabetes. I'm very critical of banks and their crap insurance is one of the big reasons.

Thanks for the plug, Antithesis. How the little one?

03-26-2009, 09:49 AM	#11
MoneyGuy Franchise Player Join Date: May 2006 Exp:	This MarketPlace video takes over 20 minutes but it’s very revealing. http://www.cbc.ca/marketplace/2008/0...lways/#comment One of my favourite criticisms about bank insurance is the fact that usually your premiums are based on the original insurance amount and it never changes as your mortgage declines. That means that if your mortgage was $200,000, as the amount owing drops you’re paying the same premium as on $200K. When your mortgage is $100,000, you’re paying a premium based on $200,000 of debt. Also, if you're young and healthy this group insurance is underwritten as a group, so you're underwritten the same as a 60-year-old fat guy who might have diabetes. I'm very critical of banks and their crap insurance is one of the big reasons. Thanks for the plug, Antithesis. How the little one?