It’s a topic not a lot of people want to talk about: Death. It’s especially not something people want to think about as they get ready to sign a mortgage. This should be an exciting time, and the last thing you want to be thinking about is your mortality. We’ve either dealt with our own sudden tragic loss, or have heard the stories of someone who has. We’ve also heard stories of the people who didn’t have insurance.

The majority of people skip over getting mortgage insurance for two reasons: they don’t want to spend the money, or they already have some type of life insurance policy through work.

Let’s address the first. No one wants to spend more money than they have too. And if you’re single and don’t have any children to care for, maybe mortgage insurance isn’t for you.

But if you have spouse and kids, you need to think about whether they can carry on with the mortgage payment. If they can’t they’ll be forced to sell.

For a few dollars a month extra, it may not be a bad idea.

There are also a number of different policies that could work for your budget. Manulife’s Mortgage Protection Plan offers you immediate insurance and can be canceled at any given time.

While you think you may be covered through your work, you need to take a closer look at the policy.

Mortgage insurance is a debt replacement while life insurance is an income replacement. You need to understand the difference. You also need to see just how much you’re going to get through your policy. Unless you’re a police officer or firefighter, you may end up being surprised just how little you end up with at the end of the day.

And statistically speaking, if you’re a younger person, you’re more likely to be injured and disabled, at least consider the disability portion of the mortgage insurance.

When your mortgage broker asks you to consider mortgage insurance, it’s easy to dismiss the conversation, but don’t. You may be saving your loved ones even more pain and grief if something should happen to you down the road.

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long-time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders and insures.