Alice and Allan are 28, have been working and living together for four years and are buying their first home together.

Alices company offers group benefits including long term disability insurance and $25,000 life insurance.

Allans company offers only dental, extended medical and $25,000 life insurance coverage.

They each earn $54,000 gross and have no debt payments.

Their disposable income is $3,200 each.

The condo they are buying costs $430,000 and they are using the Home Buyers Plan to make a $58,000 down payment and taking out a $372,000 mortgage

The heat, property tax and half the strata fees are$400 per month.

GDSR is 30% and TDSR is 40%.

The qualifying mortgage rate is 5% semi-annual with a 25 year amortization.

MATCH THE BEST type of insurance for THEM, for each of the four insurance needs they should consider in connection with their home purchase.

Property Insurance	Answer 1Choose...Regular Occupation Disability insuranceNamed perils Homeowners insuranceThird Party Liability InsuranceComprehensive homeowner's insuranceCritical illness insuranceCMHC insuranceAny Occupation Disability InsuranceMortgage insuranceLong Term Care insuranceTerm life insurance
Income replacement for Allan if he became ill or injured and could not work	Answer 2Choose...Regular Occupation Disability insuranceNamed perils Homeowners insuranceThird Party Liability InsuranceComprehensive homeowner's insuranceCritical illness insuranceCMHC insuranceAny Occupation Disability InsuranceMortgage insuranceLong Term Care insuranceTerm life insurance
Mortgage default insurance	Answer 3Choose...Regular Occupation Disability insuranceNamed perils Homeowners insuranceThird Party Liability InsuranceComprehensive homeowner's insuranceCritical illness insuranceCMHC insuranceAny Occupation Disability InsuranceMortgage insuranceLong Term Care insuranceTerm life insurance
Life insurance for each of them	Answer 4