Mortgage Insurance Disability Protection Illness Protection Non Bank - Affordable Insurance Why Pay More?

Your home is likely the biggest asset you’ll ever own. So how can you protect it in case something were to happen to you due to death, Illness or disability? 

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Mortgage Life Insurance VS Bank Mortgage Insurance

10 Reasons Why You Should Use Life Insurance Mortgage Insurance Instead of Bank Mortgage Insurance

1. Mortgage Insurance claims don’t always pay out. The reason for this is that the bank does most of the medical underwriting after death whereas individual Life Insurance ensures that proper medical underwriting is done so that when the worst happens, your family will get paid in full.

2. Price – Life Insurance is always less expensive. Bank Mortgage Insurance from the bank is always more expensive than life insurance. It’s usually over 50% higher than life insurance when comparing it to a Term 10 or 20.

3. Mortgage Insurance is essentially a Term 5.

4. Mortgage Insurance provides you with declining coverage.Mortgage Insurance with a lender declines as your mortgage is paid down. Life Insurance coverage and premiums remain the same for the term.

5. Mortgage Insurance is not portable. Bank Mortgage Insurance is only tied to your mortgage, individual life insurance is tied to you so you can take it wherever you go.

6. Mortgage Insurance means the bank is the beneficiary.With Mortgage Insurance the bank is your beneficiary. However, with life insurance in Canada, you choose your beneficiary and they can decide what to do with the money based on their needs

7. Mortgage Insurance does not have preferred health prices.With Life Insurance you can qualify for great price breaks if you are in good health. These are called preferred rates. Mortgage Insurance does not reward good health.

8. Mortgage Insurance can never be a permanent solution.With an individual life insurance policy you can convert a term policy into a permanent insurance policy without having to do a medical. So you don’t have to worry about being uninsured if you get sick or have to move or switch mortgage providers.

 9. Mortgage Insurance does not pay double if you both die! Individual Life Insurance pays double the pay out on simultaneous death.

10. Mortgage Insurance won’t let you lower your coverage! Life Insurance gives you the Option to Lower Your Coverage. With this option
you can reduce your premiums if you choose to reduce your coverage. make sure you search 
to get the best life insurance quotes.

Call +1 (844) 940-5927

Here’s why this solution is better than mortgage insurance offered by your bank.

  • You choose the beneficiary and they choose how to use the benefit.

  • Coverage stays, no matter where you bank.

  • Fully underwritten at time of application, no surprise at time of claim.


This component is designed to cover temporary needs such as the repayment of a mortgage should you die.


This component provides a monthly benefit to cover part of your income should you become disabled.


This component pays a lump sum benefit should you suffer from a critical medical condition.