Term life insurance is most often the product of choice for people who are searching for mortgage life insurance.

Learn important policy features that are provided in term insurance and not offered in lender's mortgage life insurance .

Mortgage life insurance vs. term life insurance

Term insurance provides 2 important policy features that are not offered in lender's mortgage insurance. Learn how  not having these guarantees may adversely affect your insurance coverage down the road.

  • Most importantly, ownership of an insurance policy is key. The owner is entitled with important decisional authority.
  • Cost: How much will it cost and what will happen to the price of insurance over time?

Appropriation of a  life insurance policy is key, because policy owners are entitled to make policy changes to the life insurance on mortgage  .

Term insurance policies unlike bank offered mortgage life insurance allows the policy owners to:

  • you may keep the mortgage insurance should you decide to refinance a loan or change lending institution
  • the benefits and prices are guaranteed for the duration of the the predetermined term of your choosing, and only you, the policy owner can request an amendment or terminate the coverage.
  • your eligibility for insurance is determined at issue and guaranteed once the policy is in force
  • you name your beneficiaries
  • term insurance  are designed to meet your particular financial insurance needs

Cost comparison term insurance policies to bank mortgage insurance

  • Most banks charge a fixed premium during your loan repayment period. You pay a premium that does not change even though the loan amount decreases. Provides less value as you pay down your loan.
  • Desjardins: the premium is calculated as a percentage of the loan balance. The additional rate of interest is then added to the interest you pay on the loan.
  • When you renegotiate your loan you will also need to renegotiate the terms of insurance.
  • Term insurance: choose a predetermined term of your choice and the premium and sum insured remain fixed throughout the period. Provides a contant value for your money. Should you decide to reduce the sum insured over time the premiums will be reduces accordingly

Protect the future your building, get a quote, compare and make an informed decision.

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