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Question: Mortgage and critical illness insurance...... need advice asap?
(Posted by: flowerlegz on 2009-04-08 14:46:54)
I was preasured in the bank with hubby and i to buy critical insurance on our new mortgage, (yes renewal time and rates are low) Were in Canada Ontario by the way, she also of course said we need the Life inurance, of course we always get that. We are in our early 50s, both work, but the problem here is , the bank loaner, was preassuring us, our payments would go up 140 a month just on the critical illness insurance, Im kind of wondering if she makes a commision off this or something, ? I have for 15 or more years been comfortable with the payments, Banker now wants to colsolitate the line of credit and visas, (which she did last year on mortgage) and the payments be alot more bi weekely, i told her im comfortable with what we been paying for 15 years , and the rates were higher, now with rates so low why so high when rates so low.?im not comfortable with this nor how she handled the situation turning my husband on me to go on her side, instead of letting husband and wife decide, she stated its my husbands mortgae to, dealing with her for 15 yrs never has she talked like that, for me this decisoon is HUSBAND AND WIFE desicon when we can talk in private, instead she got me and hubbby arguing in her presance, im kind of thinking the bank makes some sort of commision off selling critical illness coverage, if one is preassure like this its my oppinion i could be wrong, so can ANYONE tell me if they would pay over 100 $ more on their payments a month for this coverage , ? when one is stable with the payments they been doing for 15 yrs, comfortable and able to live . I dont know maybe im wrong here, but i want to be careful of bank making profits while i have to sacrifice some things to pay the extra money at the end of the day!!!were going from 2.15 % for 5 yrs open , to 4.15%. closed 5 years. |
