Insurance Options


Sep 09 2016

When signing your mortgage it is important to protect yourself and your loved ones from this debt by selecting the appropriate insurance.

I therefore want to provide you with the knowledge necessary to make an informed decision.

There are several distinctions between the insurance offered by a financial institution (Mortgage Insurance) and that offered by an independent insurance agent (Life Insurance). The primary differences are outlined below:

Life Insurance

Mortgage Insurance

This covers only the balance on your mortgage

A flexible insurance which can cover more than just your mortgage

The bank is the beneficiary of this coverage

You choose the beneficiary of your plan and upon death they may choose how to allocate the funds to pay off your debts the most efficiently

Although your mortgage debt, and therefore your coverage, declines with each payment, your premium remains unchanged

Your coverage remains unchanged over time

This insurance may not be transferable to another company. Therefore transferring your mortgage may result in you losing your mortgage insurance and needing to re-qualify for new coverage

This insurance is transferable; therefore you will not need to re=qualify when switching your mortgage to another company

Once your mortgage is paid off, the indusrnace is terminated

Whether or not your mortgage is paid off, you remain covered as long as premium payments are up to date

This is a rigid plan which cannot be updated to account for life changes

As a more flexible plan, this insurance coverage can be adapted to meet your changing needs

No discounts for healthy individuals

Discounts for healthy individuals with a healthy family history

Premiums are fully taxed

Premiums are not subject to PST

If you have any questions or concerns regarding life insurance, please do not hesitate to call or email me.  I will refer you to a great insurance agent from my circle of professionals who will help you in greater detail.

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