mortgage life insurance in canada

Mortgage Insurance | A Better Solution With Term Life Insurance

Mortgage life insurance, often known as mortgage protection insurance, is a policy that pays off a borrower’s mortgage upon his or her death.

Stop overpaying for mortgage protection insurance

Banks make a lot of money from you on insurance and hope you don’t shop around for other options

Protecting and saving you money all at once

Term Life Insurance is a better option to protect your new home

Canadian households say that losing their main income source would make it hard to pay bills like a mortgage and cover day-to-day costs. 

If you buy low-cost mortgage life insurance, your family will not lose their home. Without insurance, it would be hard for 75% of Canadian households to pay off debts like a mortgage.

mortgage life insurance in canada

The Pros of Choosing Term Life Insurance

You Benefit from it, not the bank

Mortgage protection insurance means any payout will go to your mortgage lender, not to you or your family. Term Life insurance means your family will get the payout and gets to decide what to do with the money

It's Cheaper

Choosing life insurance can mean you are paying up to half as much as mortgage protection insurance

It's easy to qualify

Mortgage protection insurance involves minimal underwriting and is therefore simple to obtain

Your family can pay off debts and expenses other than your mortgage

In other words, your family members can pay all of their bills, including the mortgage, instead of just getting their mortgage paid off.

The death benefit comes to your beneficiaries as a tax-free lump sum

They can use this money for anything they want, from paying short-term bills to making long-term investments.

Your death benefit doesn't decrease over your policy term

A term life insurance policy could pay out $500,000 if you died in the first year of the term or $500,000 if you died 15 years later. Remember that mortgage insurance will only pay out the amount of your mortgage, whether that’s $500,000 or $50,000.

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Sleep in your new home peacefully

You’ll be able to have peace of mind knowing that you’re covered and you got the best plan for you

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You ask, we answer

You have questions, we have answers! Trying to navigate the world of insurance can be confusing with so many different possibilities and new language

Mortgage default insurance and mortgage loan insurance are names for the insurance product offered by the Canadian Mortgage and Housing Corporation (CMHC). It is a one-time insurance premium that Canadians must pay if they want to put less than 20 percent down on their mortgage. CMHC-insured mortgages are initially more expensive; nevertheless, lenders frequently provide a lower premium rate to borrowers who are renewing or transferring a CMHC-insured mortgage.

This is typically mandatory and different than mortgage or term life insurance

No, mortgage life insurance and CMHC coverage are distinct types of insurance. They are completely independent policies that cover entirely different things.

Mortgage life insurance is a financial product designed to safeguard you and your loved ones in the event of your death during the mortgage amortization period.

CMHC insurance exists to safeguard your lender in the event that you default on your mortgage loan repayment. Also referred to as mortgage loan insurance.

Not at all, no. In some circumstances, though, it’s a very good choice. Let’s say, for illustration, that you obtain a $500,000 mortgage. You are not eligible to purchase individual life insurance due to underlying medical issues. After you pass away, you want your family to be able to continue living at the house. That could be helped to assure by a mortgage life insurance coverage. If you pass away, it will cover the loan.

You can, of course. A mortgage life insurance coverage can be canceled whenever you like. None of the premium money you paid into the policy will be returned to you. However, a term life insurance policy that is more complete (and less expensive) can frequently take its place.

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