Is it worth it to get individual mortgage life insurance in Quebec?


Is it worth it to get individual mortgage life insurance in Quebec?

When we decide to take out an individual mortgage life insurance, we think immediately of the people we cherish most.

Will they be provided for at our death?

For sure, there will be a mortgage to pay, but we want to leave them with more than that.

The financial security of our loved ones is important and at our death, the amount we leave them will be our last gift.

Individual mortgage life insurance is an ideal means of accomplishing this.


A mortgage broker will help you to find the best deal

In filling out the form on this page, you ask one of our partners (insurance brokers and insurers) for his help.

He will analyze your financial needs and your criteria to offer you a solution.


Why should we take out individual mortgage life insurance?

There are many reasons to turn to individual mortgage life insurance.

The contract that goes with an individual mortgage life insurance policy is more flexible than others. Its ability to be converted later on makes it even more appealing.

In contrast, mortgage brokers know how to reduce interest rates.

To clarify the differences between this type of mortgage insurance with others in the market, including group mortgage life insurance, here are the best reasons that will tip the balance in favor of individual mortgage life insurance:


➢   You are the sole owner.

In subscribing to an individual mortgage life insurance, you sign a contract that will follow you all your life. If you change your financial institution in the future, your insurance policy will remain with you. There is no need to present evidence of your health status.


➢   Choose and change your beneficiaries.

It is essential to have the choice of your beneficiaries. This is not true of all mortgage loans. The opportunity to change beneficiaries will prevent potential conflicts that could arise upon your death. Imagine if your former spouse is the sole beneficiary? Avoid these problems with individual mortgage life insurance. The beneficiary may also choose to pay the mortgage if it is not repaid or offer an amount to support them if they lack liquidity.


➢   Change the policy later on after you evaluate your needs.

Over time, changes can be made without penalties. If you decide to change to a variable rate from a fixed rate, it is allowed.


➢   Portability of your contract

As mentioned earlier, if you switch to a different financial institution, your mortgage can follow you without being changed. In the event of a medical condition that would normally disqualify you from being insured, you will be accepted without question.


➢   Convert individual mortgage life insurance

When you have repaid your mortgage, convert individual mortgage life insurance or permanent life insurance without presenting proof of health or be penalized because of your age.


➢   Guaranteed premium at all times

When you sign your mortgage, the rate of your premiums will be the one in effect all of your life, regardless of inflation.


➢   Receive a copy of your written contract

When you choose an individual mortgage life insurance, you will get a written contract. In the case of group mortgage life insurance, the contract is in the possession of the lender.


➢   This type of insurance is cheaper than the others.

This criterion can be the principal argument. The price of individual mortgage life insurance is cheaper than the others, despite being more comprehensive. This allows you to save in the short and long-term.


In summary, individual mortgage life insurance is the best option

If all of these arguments do not convince you to take out individual mortgage life insurance, here is an additional benefit: since health status precedes the signing of a contract, you will begin your mortgage in the right way.

Upon signing your contract, you will grow older. It will never affect your premiums, they remain the same regardless of your age or health status.

You will not be denied coverage in the future even if your health deteriorates.

Ask a broker what type of individual mortgage life insurance is most advantageous to you.


Find individual mortgage life insurance with an independent broker

The form on this page is a free tool which allows you to search for an offer in mortgage life insurance based on your needs.

By filling out the free form on this page, you give yourself the luxury of having one of our partners (insurance brokers and insurers) guide you in shopping for your mortgage life insurance, free of charge.

Get this very useful insurance product by shopping for insurance in the comfort of your own home!



Just fill out the following form to get an insurance quote according to your needs and budget.

"*" indicates required fields



Full Name*
Postal Code*

Co-Borrower (Optional)

Co-Borrower's Gender
Co-Borrower is a smoker?
Terms and Conditions*