An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.Richards said he and his wife Sandra wanted to take out a Home Equity Line of Credit for $150,000, but they said they also wanted to have life insurance on the loan in case anything happened.It’s estimated about eight million Canadians have a HELOC as a way to tap into the capital of their homes and access money for renovations, trips or general expenses.
But when Sandra died in November of 2023, Richards found out the line of credit was not covered by life insurance. Their bank has a policy to terminate life insurance when a customer turns 70 years of age. CTV News checked with other banks and they also have policies to terminate life insurance policies on HELOCs when customers reach a certain age.
If you have a line of credit with a lender you may want to check the terms and conditions when it comes to insurance. You may also want to consider buying additional coverage somewhere else to cover any debts you may owe. 'A huge difference': These adults born in the '90s partnered with their parents to buy homes in OntarioMost of Canada to receive emergency alert test today
For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation Trevor Hosie, 36, told the court he didn’t know the marijuana he consumed on May 6, 2023 was laced with a potent opioid. 'Sadly, this tragedy is the predictable outcome of the series of decisions made by Mr. Hosie on May 6, 2023,' Justice Christopher Uwagboe wrote in his sentence decision.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: Jaguars, LB Allen reach agreement on five-year, $150 million contractStandout pass rusher Josh Allen and the Jacksonville Jaguars reached agreement Wednesday on a five-year, $150 million contract that includes $88 million guaranteed, a person familiar with the negotiations said.
Read more »
FanDuel promo code unlocks $150 in bonus bets for any NHL action tonight, including Jets-StarsOn Thursday, you can claim the FanDuel promo, which requires a $5+ first bet in exchange for $150 in bonus...
Read more »
New cheap and direct flights under $150 will connect Toronto to historic sun destinationIf this week's dreary rain in Toronto has you planning your next vacation to somewhere warm and sunny, you can soon take advantage of a cheap new d...
Read more »
A $150 Billion Fortune Bolsters Qatari Royals at Critical MomentQatari Royals receive a $150 billion fortune, providing support during a critical moment.
Read more »
Solana below $150, crashes 20% in 7 days: Is SOL staring into the void?Solana [SOL] was one of the worst-affected altcoins during the market crash, as the token’s value dropped by double digits.
Read more »
Kazakhstan’s Compensation Claims Against Kashagan Oil Firms Jump to $150 billionKazakhstan has increased its arbitration claims against international oil companies that developed the Kashagan oil field to more than $150 billion, demanding compensation for lost revenue in addition to a dispute over costs, according to people familiar with the matter.
Read more »