Saturday, March 03, 2007


(A good news story!)
When you buy a house, the bank demands that you get "mortgage insurance". Though you pay for it, it is not for you, it is for the bank. To cover the rest of the mortgage. Stands to reason...they don't want to forclose on properties, and they are still smarting over the image of the poor widder woman being turned out into the snow by the unfeeling banker. An image they picked up during the dirty thirties and never really lost, especially out west where I grew up. So you can imagine the bad press they got by standing by the provision that death in combat voids the provisions of the mortage insurance. Seems the vision of some dead hero's spouse being turned out into the snow was too harsh even for the banks! It didn't actually happen, but just in case, the question was raised in the House by a Winnipeg back bencher.
So, the good news is...all Canadian Banks have quietly waived the clause whereby a death in combat will void the mortgage insurance. Of course, standard everyday whole life, and normal civilian term life insurance is like, tough titty, but then, that is why we soldiers have always had SDB's, and military sponsored term insurance policies. (SDB...Supplentary Death Benefits)
Nice to see that not everything is a bad news story!

1 comment:

Jennifer said...

That is good news. I guess maybe there is some justice in the world after all.