Mortgage Life Insurance Options

Your independent broker for a variety of the most important types of insurance you may need as an individual. See these brief insurance information details below, then call us to save up to 40% over your current mortgage protection or life insurance policy. Get more coverage for less.

Creditor Group Life Plans

Usually offered for sale by unlicensed loans agents at banks, credit unions and mortgage brokers, as a “cross sale” to a mortgage loan. Not recommended – see “Insurance Comparisons” under Mortgage Life Insurance.

Term Life Insurance

This is a fixed premium, fixed term policy for 10 years or 20 years. They are guaranteed renewable at the end of the term without providing new medical evidence. They are also convertible to a permanent policy. There is also a Term for Life policy which provides the ideal, least expensive policy available.

These policies are well suited to provide protection for fixed term debt – such as a mortgage. There are no cash values, or savings accumulation.

Universal Life, Whole Life Insurance

These policies can provide protection for life and may include cash values. Premiums will be considerably higher. Careful consideration should be given before purchasing these policies. Maximizing RRSP contributions, while purchasing inexpensive term insurance, may be the best solution for most individuals.

Find out more about mortgage and life insurance policy rates. >>Click here for more info.<<.

Get Real Insurance, Not Promises

Drawbacks of Bank-Promoted Mortgage Life Insurance

This article from The Star provides you with information about the drawbacks of bank-promoted mortgage life insurance.