Over the last six to eight years, we’ve seen substantial increases in the price of homes in Canada, particularly in Toronto and Vancouver.  We all know this is partially due to the low interest rate environment we’ve been living in.

Part of the huge debt levels Canadians are carrying is from substantial mortgages on their homes. The Canadian banks are very good at selling life insurance to cover the amount of the mortgage, should an untimely death occur. Be aware that as your mortgage principal is reduced, your life insurance coverage falls, but your premiums remain the same.

You’d be smart to obtain comparative quotes.  You’ll be surprised by how much cheaper the competition is!