Mortgage Life Insurance
Your home is your single largest asset, it only makes good sense to protect this investment with life insurance.
Mortgage Insurance vs. Life Insurance
Myths about Mortgage Insurance:
You have to get Mortgage Insurance when you get a mortgage, WRONG! No law in Canada says you HAVE to get Mortgage Insurance when you have a mortgage. While having Life Insurance to protect your mortgage in the event of death is a good idea, no law says you have to do this.
Banks are allowed to sell Mortgage Insurance from an unlicensed individual at the bank. Outside of the bank, agents and brokers MUST have a Life Insurance License form the province that they sell in, and they have to have Errors & Omissions Insurance to protect the public.
The simple rule is this DON'T BUY LIFE INSURANCE or MORTGAGE INSURANCE from someone unlicensed.
Best Life Insurance Quotes has the Best Local, Licensed Agents & Brokers.
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Below is a u-tube video of the consumer protection show on CBC Marketplace. A real eye opener about the differences between mortgage and Life insurance. SHOCKING testimonial about actual clients denied their claim and WHY?
Here are a few of the differences between your typical mortgage insurance and Life insurance.
Who gets the money?
Covered after 2 years
Cost level for
Typically, 5 years
From 10 to 40 years
Post claim underwriting
Tied to Mortgage and declining with it
Level or partial decline available