In Canada is the purchase of Life Insurance from your lender compulsory? (Not referring to CMHC Mortgage ins.)? - genworth life
So if you buy a house, have less than 25% down payment, you pay for mortgage insurance from CMHC, AIG or Genworth (GE). However, my lender, "Life said," in the amount of $ 237 per month in my monthly payment and is completely independent mortgage insurance. Is it mandatory? I see no opt-out of it. I get much higher life insurance through my employer for just $ 83 per month. Should I with the lender?
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