Mortgage Insurance

According to the Bank of Canada, with nearly two-thirds tied to residential mortgages. For homeowners, protecting this debt is essential—and there are two main options: mortgage insurance offered by institutions, or mortgage protection through life and critical illness insurance provided by an insurance company.

Mortgage insurance is designed to safeguard your home and family. In the event of your death, it pays off the remaining principal balance of your mortgage. If you’re unable to work due to an accident or illness, it can cover your monthly payments. And if you’re diagnosed with a covered critical illness, it provides a lump-sum payout to ease the burden.

This insurance is also offered by the banks. But most times, no medical is conducted at the time of setting up the contract. But medical insurance is reviewed at the time of processing the claim.

This results in a lot of denials from the insurance as well. Whereas, while getting this protection offered by a licensed professional, you will go through the medical testing upfront. Hence, giving you the peace of mind that you will be paid at the time of an unforeseen event.

Like described above, Mortgage Insurance can combine a number of insurance products to protect you, i.e. Life Insurance, Critical Illness Insurance, and Disability Insurance.

Fast & Easy Process

Our fast and easy process ensures quick policy setup

24/7 Supports

Get round-the-clock support for all your insurance needs

1. Peace of Mind

In the case of mortgage insurance from the lender in most cases, the lender may get you to check off a few boxes for your medical questionnaire. But when the time comes for a claim, the insurance company will look at your medical records in detail and there have been a lot cases when the claims have been denied through the banks because they found out that you didn’t answer the questions correctly, even if you didn’t understand them. When you purchase your private mortgage insurance, all of the medical insurabilty is proven upfront and the necessary medical testing is done along with a detailed questionnaire completed with the help of a licensed insurance practitioner, leaving you at ease that when the time comes for claim, there is a good chance that it will be paid off as suggested and agreed upon.

2. Beneficiary

In the case of mortgage insurance from the lender, the lender itself is the beneficiary. Whereas, when you get the mortgage insurance yourself, for disability insurance, critical illness insurance portions, YOU yourself are the beneficiary, for life insurance portion, you can name the beneficiary (such as your family member, spouse and/or children. In case of your untimely demise, your beneficiaries can choose to pay the bank for whatever the balance is (or their own choice) and can keep the difference.

3. Portability

If you change mortgage providers, your mortgage insurance from the lender doesn’t automatically move with you. If you move your mortgage to another lender, you will be required to submit evidence relating to your health, and will be subject to the current rate of the new mortgage provider. With private mortgage insurance, you can take your policy with you if you transfer your mortgage to another lender, with no need to re-apply or prove insurability.

4. Flexibilty

With mortgage insurance through a lender, your needs may change over time, but you don’t have the flexibility to change your coverage. Term life insurance and term critical illness insurance plans can be converted into permanent plans at a later date.

5. Cost vs. Coverage

With a lender-offered mortgage insurance plan, the benefit decreases as you pay down your mortgage, but the premiums remain the same. If you pay off your mortgage, you lose all your coverage. With life and critical illness insurance policies, the amount of coverage does not decrease over time (even if you repay your mortgage).

Our Services

Key features of our insurance

Our insurance offers tailored coverage, affordable premiums, and comprehensive benefits, including health, life, and property protection. With flexible plans, expert support, and fast claims processing.

Call Us!

123-456-7890