Testimonial: Being A Homeowner
Maxime & Larry Simon
Maxime and Larry are in their early forties with two kids (aged 2 and 7). Nine years ago, they bought their house for $239,000, with a $25,000 down payment. Their mortgage payment is $1,118. They have renewed their mortgage three times. Together, they have a household income of $106,000 per year and living expenses (excluding the mortgage) of about $2,100 per month (including loan payments, food, clothing, transportation, utilities, insurance, and health care costs).
Maxime: I guess you could say we learned the hard way about the risks of owning a home. Last year, we had a leak in the basement that caused over $4,000 in repairs! We had just put in a new carpet the year before, and even after throwing it out, the basement still smells of mildew.
Larry: Not to mention the interesting stories we have from when we first bought the house. "If only I knew then..." I think the expression goes.
Maxime: But over time we've also become smarter. That's why when it was time to renew our mortgage recently, we decided to do things a little differently...
Larry: We were always under the impression that we had to have our mortgage insured by the bank. We thought we didn't have any choice, as if signing up for the bank's mortgage life insurance was actually a condition of being accepted. And that just isn't the case! A term life insurance policy can do the same job as mortgage life insurance — with a few added advantages.
Maxime: As it turns out, applying for a term life insurance policy to protect all our needs, not just our mortgage, was the perfect solution for our family. It gives us the flexibility to choose our coverage amount and the freedom to decide what to do with the insurance money, if it ever came to that...
Larry: I only wish getting a good mortgage rate was as easy as choosing our life insurance plan!