Mortgage Insurance

Home Life Insurance Mortgage Insurance

Mortgage Insurance

Things you need to know

Congratulations on your new home! Most Canadians get a bank mortgage and if you are one of them you have probably been convinced that mortgage life insurance is sufficient. But if you read the fine print, there are significant gaps in coverage that could leave you underinsured, which is why it’s a good idea to consider a separate Mortgage Insurance policy.

An affordable and flexible insurance solution designed in your best interest

Definition

  • Because a bank mortgage life insurance policy is a type of No Medical insurance, it is often lax in ensuring medical questions are answered correctly and assessments are made only after death. This means that if you have a medical condition and answered one of the questions incorrectly, your claim may be denied.
  • The payment under a bank mortgage insurance policy is payable to the bank to discharge the mortgage. There is no flexibility to make the payment to your beneficiary and let them decide how to handle the bills.
  • Because the amount of coverage under the bank mortgage plan is equal to the mortgage amount, it decreases in step with your mortgage.
  • If you change your mortgage lender, you will need to re-apply for the life insurance coverage and could end up paying a higher premium.
  • Bank mortgage insurance often costs more than other insurance policies that are designed to meet your specific needs.

In other words, a bank mortgage insurance policy works great for the bank – but may not be in your best interest.

Affordable

Flexible

Normally term insurance has more competitive rates than financial institution.

You choose the amount not the bank, so if you want to leave more to your beneficiary, you can.

You choose the beneficiary and he has the flexibility to use the benefit to pay down the mortgage but also to cover additional cost.
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The coverage amount will never decrease over the life of the policy, compared to mortgage insurance.

Premiums are guaranteed not to change over the life of the policy.

For the most, term insurance is guaranteed renewal until age 75.

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You will not be turned down for coverage regardless of health condition. It is a simple, permanent insurance solution designed to meet the insurance needs of the most challenging applications.

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It provides the coverage you want, whether you have very serious medical conditions or are in good health.

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The coverage amount will never decrease over the life of the policy.

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Premiums are guaranteed not to change over the life of the policy.

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Policies accumulate guaranteed cash value beginning in the policy’s fifth year. You can use the cash value to pay premiums as long as cash values are sufficient. If the policy is cancelled, any remaining cash value will be paid to the policy owner.

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Because you deserve peace of mind

TAILORED INSURANCE SOLUTIONS FOR YOU, MAKE YOUR MOVE

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