Don’t fall into this trap and say «NO»!
You are about to make the most expensive purchase in your lifetime: the home of your dreams.
This acquisition will normally be done by borrowing a large amount of money from a financial institution. In other words, you will sign a mortgage agreement with your bank to buy a property.
As soon as you sit down with the bank mortgage specialist, he will offer to arrange for insurance for your mortgage in case you die prematurely.
The much-talked-about mortgage insurance… It is also known under other names: mortgage life insurance, creditor insurance.
Your lender wants you to understand the importance of this product and keeps his fingers crossed that you will agree to buy it.
You need to be careful!
Many new borrowers fall into this trap and agree to this deceptive solution.
However, it must be loudly proclaimed that mortgage insurance is a bad idea.
There is another alternative that will cost you less and which would guarantee you much better protection: individual life insurance.
Below is a comparison explaining the advantages of individual life insurance compared to mortgage insurance.
To check if you are paying too much (like 85% of Quebecers), simply fill out the form at the top of this page.
You will see how much you can save by replacing your current protection. (You can replace it at any time.)
To completely understand the distinctions between these two types of insurance, below is a table comparing the function of each one.
|Your financial institution will be the beneficiary if something happens to you.||You can choose the beneficiary of your life insurance.|
||You will pay the same amount as another client of the same age.||The price is calculated based on your age, health status, gender, and if you smoke or not.|
|IF YOUR MORTGAGE CHANGES
||Whenever you renegotiate your mortgage, you need to requalify for mortgage insurance.||No matter what happens to your mortgage, your life insurance will not change.|
||It covers only the amount of your mortgage which means that your coverage goes down as the years go by.||You can choose whether you want to protect more than your mortgage.|
|WHO DOES IT PROTECT?
||The lender.||Whoever you wish.|
|WHEN DOES IT END?
||The same time as your mortgage loan.||Upon your death (it covers you for life unless you choose a different option).|
|AMOUNT OF INSURANCE
||Your lender owns the policy and the amount is based on the amount of the mortgage loan.||Your insurance is yours and you can decide on the amount that you want.|
Overall, you probably realize that one of these two products is THE SOLUTION that is advantageous for you.
If you don’t need to get mortgage insurance, follow the advice of all experts in the field of finance and turn to individual life insurance.
Whenever you sit in front of a banker and he makes an offer, don’t hesitate to refuse; you will certainly save a fortune!
Don’t take chances and speak to a professional to get your hands on the best solution for your needs! (check below how to do this)
The users of this platform benefit from the assistance of our partners (experienced life insurance brokers and insurers).
One of our partners (from your area) will look at your profile to make you a proposal.
Get your hands on insurance that will protect your family from your mortgage loan…
Save on the cost of mortgage insurance.
Compare Different Life Insurance offers and select the Best, simply by filling out the from below