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What is the difference between High Ratio Mortgage Insurance and Mortgage Life Insurance?

April 26, 2017high Life Insurance mortgage mortgage insurance ratio

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What is the difference between High Ratio Mortgage Insurance and Mortgage Life Insurance?

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High Ratio Insurance is a government legislated mechanism to protect deposit-taking institutions for loans over 75% of the lesser of a property’s appraised value or sale price. In Canada the insurance premium is paid to either of 2 approved insurers. Mortgage Life Insurance protects the estate or co-owner of an insured homeowner.