Mortgage Insurance

Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?

  • From the bank: only the balance of your mortgage
  • From us: whatever you need it to cover such as debts, line of credit

What happens as my mortgage balance decreases?

  • From the bank: the coverage amount decreases as your balance decreases.
  • From us: the coverage stays the same for as long as you own your policy

What if I switch banks?

  • From the bank: You might lose your coverage and need to reapply
  • From us: Your coverage stays the same, since it’s not tied to your mortgage

Who gets the benefit if I die?

  • From the bank: The Bank
  • From us: You decide who gets the insurance and how to use it, such as to pay your mortgage, medical expenses or child’s education- whatever is best for your family

How much life insurance do I need?

Determining how much life insurance is appropriate for your specific situation is an involved and personal decision. If you would like some assistance, please contact us and we will be happy to help you figure out what makes sense for you.

Term insurance applications for residents of Ontario – up to $500,000 – can be processed completely online through our simplified process here:

Apply Online Now

 

Prefer to speak with an Advisor first? If you have any questions, or require additional coverage or permanent insurance, click here:

Contact Advisor in Ontario