When you own a mortgage, you are often offered a mortgage protection plan by your lender. This is a plan that insures your mortgage against your death and pays the outstanding balance, taking the responsibility away from your family members.
But there are some significant downsides to getting a mortgage insurance plan from your lender that we believe Canadians should consider. There are other options to choose from that offer more comprehensive coverage with more freedom and flexibility.
Mortgage insurance from your lender
Plans from your lender seem attractive but are not actually owned by you, the homeowner. Rather, Mortgage insurance from your lender is paid to your lender and not to your family members, leaving them with little in the way to replace your income and continue their standard of living when you're gone.
What this facet of lender coverage means is that your mortgage is paid off, but your loved ones aren’t looked after during a difficult time. Everything from your final expenses, daily living costs, debts and future costs like educational fees for children, are all left to your surviving spouse to cover after you pass away.
Our mortgage life insurance options
We offer life insurance coverage for your mortgage that you own. Our plans protect the people who matter most to you, not your lender. This aspect gives your family more control over the coverage, allowing them to use your plan’s benefit in any way they choose, including covering any remaining mortgage costs.
The advantages of our mortgage insurance plans:
You have the freedom to choose the beneficiary of the policy.
Our policies are much more affordable as compared to plans from a lending institution.
You are able to change your coverage to suit your needs.
You are protected should you switch lending institutions or refinance your mortgage.
Your loved ones can use the benefits for other purposes besides covering the mortgage.
Your coverage continues even if you move to a new home.
Get peace of mind knowing your loved ones are still covered if you pay off your mortgage.
We work with all major Canadian providers to offer you the best rates on Mortgage Life Insurance. Our advisors work with the whole market to find you a plan that matches your budget and unique circumstances.
Please complete our short enquiry form to get a free, no-obligation quote for Mortgage Life Insurance.
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