Sunday, December 20, 2009

Genworth Life In Canada Is The Purchase Of Life Insurance From Your Lender Compulsory? (Not Referring To CMHC Mortgage Ins.)?

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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