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MORTGAGE INSURANCE

Mortgage is the single most important debt on almost every Canadian. Life insurance is often used to provide coverage against mortgage loan. It is helpful in protecting the mortgage loan on insured, where the insurer promises to pay designated beneficiary a sum of money(coverage amount) in exchange for premium, upon the death of the insured person.

Banks also provide mortgage insurance in Ontario/Kitchener but there is distinct advantage in our mortgage insurance compared to the one provided by bank



COMPARISON


Parameters Bank mortgage insurance Our insurance to cover mortgage
Policy ownership Bank You
Coverage amount Mortgage balance You can chose your coverage amount
Premium Coverage amount goes on decreasing while premium remains same Coverage amount and the premium remains same for the term
Beneficiary Bank is the beneficiary You can chose your own beneficiary.
Time of Underwriting At the time of claim At the onset so no issues at time of claim
Transferable Not transferable if shifted to another lender Transferable