All Forum Posts by: Yuri Shamsin

Quote from @Theresa Harris:

Quote from @Yuri Shamsin:

Quote from @Theresa Harris:

I'm in Canada, but the bank has never asked me to have life insurance.  They've offered to include it for a fee, but I don't have to have it.  The bank shouldn't have to protect itself. If something happens to you and you have a mortgage, they call it due and your estate then sells the home or pays off the mortgage.

That's true. I might have explained it not accurately. I meant that having Life Insurance makes sense if I have a spouse and children dependent on my income. And if I HAVE TO HAVE it, what is the best option do I have?

So, term vs whole life then.

Do you have Life Insurance? 

 I have some through work, but that's it. I also don't have a spouse or kids.

 So, how exactly does CMHC mortgage insurance work?

For example, I bought my primary residence with 5% down, so, automatically I am paying mortgage insurance, which protects the bank.

In case I die ( and therefore, default on mortgage payments), will the bank get its money from CMHC and my family still keeps the property?

Correct? 

Quote from @Theresa Harris:

I'm in Canada, but the bank has never asked me to have life insurance.  They've offered to include it for a fee, but I don't have to have it.  The bank shouldn't have to protect itself. If something happens to you and you have a mortgage, they call it due and your estate then sells the home or pays off the mortgage.

That's true. I might have explained it not accurately. I meant that having Life Insurance makes sense if I have a spouse and children dependent on my income. And if I HAVE TO HAVE it, what is the best option do I have?

So, term vs whole life then.

Do you have Life Insurance? 

Quote from @Eliott Elias:

Interesting topic, have you looked into infinite banking? 

 That is something I will look into, yes!

Hi all,

a little off-topic but I think it is an important matter.

So, the bank asks you to have Life Insurance to protect itself. It can be either your own or you can pay extra for your monthly mortgage payments.

I happen to have my own coverage for $1mil with a monthly premium of $86. It is the Term Life Insurance for 20 years. I have had it for 5 years now. 

If I were to pay the bank to cover my mortgage ($450K, they only cover the loan amount) I would pay $130 per month.

Now, I see there is another option - Whole Life Insurance.

Should I switch NOW?

Thank you

It will be a long-term rental (utilities are paid by tenants). I will live there (in a 1bed unit) for the first year. A residential mortgage with 5% down. 

Thank you Josef!

View report

This is a house close to the lake with 3 units: 4 bed 2 bath, 3 bed 1 bath + 1 bed 1 bath suite (unauthorised)

Turns out that a duplex... 5 bedrooms on each side. So, the numbers won't be THAT exciting...

View report

This is a 4 plex needs TLC

2 x 2-bedroom units

2 x 3-bedroom units 

View report

This would be a BRRRR project to stay there for a year renting out 2 bedroom unit first and after - 3 bedrooms as well.

Yea or Nay? Did I make any WRONG assumptions?