TORONTO, August 25, 2006 - Today, Kanetix® released a new article detailing how Canadians can protect their home from creditors with life insurance
"If you own a home, or are planning on buying one, chances are it will be the largest purchase you make in your lifetime." explains Gregory Ellis, Co-founder of www.kanetix.ca, "This is often the reason why life insurance is recommended-usually mortgage or term life insurance, and is why we thought it important to explain some of the key differences between the two."
In summary, mortgage insurance pays off the mortgage if one of the people listed on it dies before it's paid. You pay a premium rate per $1,000 of the mortgage. This rate is the same for everyone in your age bracket because fewer, if any, health questions are asked. Depending on the individual, this will benefit some people more than others.
As your mortgage decreases, so too will your insurance coverage-your premiums however will not. This means that with each payment made to your mortgage, the cost for your mortgage insurance gets more expensive. Coverage stops when the mortgage is paid.
Term life insurance rates are usually more affordable because some medical questions are asked which means the insurer can offer you the best available rate. You pay your premiums based on your healthy status only and not that of the group.
Term life insurance can cover more than just your mortgage. You choose the amount of coverage, so if you want to pay off the mortgage, other debts (like car loans or credit cards), or for the regular living expenses of the surviving family members-you can. You can also determine the length of coverage, like 10 or 20 years.
For more information about the differences between mortgage and term life insurance, read Kanetix's new article or get online quotes to compare life insurance rates, by visiting Kanetix.ca.
Launched in October 1999, Kanetix is Canada's leading national, online insurance marketplace. The Kanetix insurance information and shopping service brings consumers and insurance companies together in a one-stop shopping environment. Each day, thousands of consumers visit the Kanetix website to compare insurance quotes from a variety of Canadian insurance companies. Kanetix visitors can select the insurance quote of their choice and where available, choose to complete the application for coverage online or purchase their policy over the phone.
In addition to the insurance marketplace, Kanetix is a leading provider of online insurance quotation technology and develops online quotation systems and websites for some of Canada's leading insurance providers.
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