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Do business with professionals to save on your mortgage life insurance!
You have recently been approved for your mortgage and you are about to sign for your mortgage when the agent offers you mortgage insurance. You have heard from your friends about the advantages of individual term life insurance, however you or your spouse don't want to offend the lender.
You can benefit from the expertise of our partners across Quebec (insurance brokers). Complete the form on this page. You will receive the best mortgage life insurance deal from among more than 20 insurance companies in the province.
Thanks to the contribution from one of our partners (insurance brokers), you will be sure that you have made the best possible effort in your exploration of the field of mortgage life insurance.
Individual Life mortgage insurance protects the holder from these risks:
- If you pass away, your mortgage life insurance pays off your mortgage balance.
- If you develop a serious illness (such as cancer or a heart attack), it will pay you a lump sum following your diagnosis by a doctor.
- If you become disabled, your payments are taken over.
Is mortgage insurance offered by my lender mandatory?
In most cases, No. Mortgage insurance is independent of the mortgage loan. It generally benefits and belongs to your financial institution. Some lenders will require you to take out this type insurance, but it is quite rare. In these special cases, you will still have the option of shopping around for the insurer of your choice. The majority of financial specialists will advise you to avoid this product and prefer personal life insurance (term life insurance or permanent life insurance).
How to save on your mortgage life insurance?
First, refuse the mortgage insurance that your lender offers you. This is the most expensive option on the market. When you get home, look for related life insurance products. The premiums for these will vary depending on your gender, whether you smoke or not, on your state of health and your age. Each of these criteria can reduce/increase your costs. Remember that all life insurance product prices increase with each year you get older. Mortgage insurance ends when the mortgage is paid off.
Differences between mortgage insurance and individual life insurance
Most mortgage lenders will offer you the option of purchasing mortgage insurance through them. But before signing anything, compare their insurance contracts to an individual mortgage life insurance and see what makes them different:
Mortgage insurance through a mortgage lender | Mortgage life insurance through our partners | |
| Who is covered by the insurance? | One or more persons mentioned in the mortgage loan agreement. | You, your spouse, and your children - you can protect your whole family, even those who are not responsible for paying off your |
| That covers insurance? | Your mortgage balance only. | Everything you need to cover for your loved ones. In addition to your mortgage, insurance can cover debts like your line of credit, credit cards, etc. |
| Who receives the money if I die or become seriously ill? | The mortgage lender is automatically the beneficiary. | You decide who the insurance proceeds will be paid to |
| What happens as the mortgage balance goes down? | The coverage amount decreases as the mortgage balance decreases. The rates remain unchanged. When the mortgage is completely paid off, the insurance ends. | The amount of coverage stays the same for as long as you own your policy - unless you decide to change it. The rate will increase not. |
| What happens if I change my mortgage lender? | You could lose your coverage and be required to get a new one. Your premiums may change, depending on the rates in effect. You may also need to answer questions about your condition. | Your coverage remains the same, unless you decide to change it. Since your insurance is not tied to your mortgage, you'll keep it regardless of which lender you choose. |
In Summary, what should you do when considering the choice of taking a mortgage life insurance?
During your mortgage journey, keep in mind a few principles that will help you most of the time:
- Automatically decline the offer of mortgage life insurance from your financial institution.
- If you fall for the trap and take out this famous insurance, most of the time you have the right to cancel it free of charge.
- When shopping for life insurance, be sure to choose an amount sufficient for all of your needs.
- If you have group insurance with your employer, find out about the possibility of increasing the amount of the life insurance portion.
- Calculate your real insurance needs! It is essential to sit down to determine your goal. A financial security advisor can help you with the calculations.
USE OUR BROKER PARTNERS FOR THE PRICE COMPARISON FOR YOUR MORTGAGE LIFE INSURANCE
Don't succumb to the pressure of your lender! Your family's financial security will last a long time. An insurance broker turns out to be the best advisor to guide you through all the products on the market. This platform provides you with a network of broker-partners who will allow you to analyze your insurance needs in depth.
Fill out the form on this page (it only takes two minutes) and compare over 20 insurance companies with one another through a broker. The study of your requirements is done quickly. Soon, you will know the best proposal according to your selection criteria by one of our partners.
Save today by planning your financial security wisely!
Do business with professionals to save on your mortgage life insurance!
You have recently been approved for your mortgage and you are about to sign for your mortgage when the agent offers you mortgage insurance. You have heard from your friends about the advantages of individual term life insurance, however you or your spouse don't want to offend the lender.
You can benefit from the expertise of our partners across Quebec (insurance brokers). Complete the form on this page. You will receive the best mortgage life insurance deal from among more than 20 insurance companies in the province.
Thanks to the contribution from one of our partners (insurance brokers), you will be sure that you have made the best possible effort in your exploration of the field of mortgage life insurance.
Individual Life mortgage insurance protects the holder from these risks:
- If you pass away, your mortgage life insurance pays off your mortgage balance.
- If you develop a serious illness (such as cancer or a heart attack), it will pay you a lump sum following your diagnosis by a doctor.
- If you become disabled, your payments are taken over.
Is mortgage insurance offered by my lender mandatory?
In most cases, No. Mortgage insurance is independent of the mortgage loan. It generally benefits and belongs to your financial institution. Some lenders will require you to take out this type insurance, but it is quite rare. In these special cases, you will still have the option of shopping around for the insurer of your choice. The majority of financial specialists will advise you to avoid this product and prefer personal life insurance (term life insurance or permanent life insurance).
How to save on your mortgage life insurance?
First, refuse the mortgage insurance that your lender offers you. This is the most expensive option on the market. When you get home, look for related life insurance products. The premiums for these will vary depending on your gender, whether you smoke or not, on your state of health and your age. Each of these criteria can reduce/increase your costs. Remember that all life insurance product prices increase with each year you get older. Mortgage insurance ends when the mortgage is paid off.
Differences between mortgage insurance and individual life insurance
Most mortgage lenders will offer you the option of purchasing mortgage insurance through them. But before signing anything, compare their insurance contracts to an individual mortgage life insurance and see what makes them different.
One or more persons mentioned in the mortgage loan agreement.
Mortgage life insurance through our partners:
You, your spouse, and your children - you can protect your whole family, even those who are not responsible for paying off your
Your mortgage balance only.
Mortgage life insurance through our partners:
Everything you need to cover for your loved ones. In addition to your mortgage, insurance can cover debts like your line of credit, credit cards, etc.
The mortgage lender is automatically the beneficiary.
Mortgage life insurance through our partners:
You decide who the insurance proceeds will be paid to.
The coverage amount decreases as the mortgage balance decreases. The rates remain unchanged. When the mortgage is completely paid off, the insurance ends.
Mortgage life insurance through our partners:
The amount of coverage stays the same for as long as you own your policy - unless you decide to change it. The rate will increase not.
You could lose your coverage and be required to get a new one. Your premiums may change, depending on the rates in effect. You may also need to answer questions about your condition.
Mortgage life insurance through our partners:
Your coverage remains the same, unless you decide to change it. Since your insurance is not tied to your mortgage, you'll keep it regardless of which lender you choose.
In Summary, what should you do when considering the choice of taking a mortgage life insurance?
During your mortgage journey, keep in mind a few principles that will help you most of the time:
- Automatically decline the offer of mortgage life insurance from your financial institution.
- If you fall for the trap and take out this famous insurance, most of the time you have the right to cancel it free of charge.
- When shopping for life insurance, be sure to choose an amount sufficient for all of your needs.
- If you have group insurance with your employer, find out about the possibility of increasing the amount of the life insurance portion.
- Calculate your real insurance needs! It is essential to sit down to determine your goal. A financial security advisor can help you with the calculations.
USE OUR BROKER PARTNERS FOR THE PRICE COMPARISON FOR YOUR MORTGAGE LIFE INSURANCE
Don't succumb to the pressure of your lender! Your family's financial security will last a long time. An insurance broker turns out to be the best advisor to guide you through all the products on the market. This platform provides you with a network of broker-partners who will allow you to analyze your insurance needs in depth.
Fill out the form on this page (it only takes two minutes) and compare over 20 insurance companies with one another through a broker. The study of your requirements is done quickly. Soon, you will know the best proposal according to your selection criteria by one of our partners.
Save today by planning your financial security wisely!