I just switched my mortgage insurance ($48/month for $277,000 mortgage) for a life insurance policy that covers both of us at $500K and costs about the same. Premium is locked in for 20 years.
Life insurance gives you more flexibility as you don't necessarily have to use it to pay the mortgage off. I shopped around and found general life insurance coverage for more than the value of the home could be had for less money and provides more flexibility. That's my experience anyway.
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"Next time you come to Edmonton in June, July, or August, check out the colour of the grass in Calgary before you leave. It's brown and yellow....i.e lack of precipitation," - Sundeep, Feb. 6, 2005
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