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

Do you know the difference between mortgage life insurance and life insurance? Know that mortgage life insurance is not mandatory but it protects you if something bad should happen to you. It is possible to change the beneficiary of a mortgage life insurance and you will be the sole owner. This means that the policy will not belong to your bank unlike in mortgage insurance usually offered by your financial institution. If your needs change over time, you will be able to change the rate: from a variable rate to a fixed rate or vice-versa. This can be done without a penalty. In addition, when you have paid your mortgage, you can convert your mortgage life insurance to a standard life insurance.

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