Mortgage Insurance.

You can choose whether you want to protect yourself and those around you, or your lender.

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Overview.

Your home may be the biggest purchase that you will ever make, and it will undoubtedly provoke many tough discussions about how you manage your finances moving forward. When it comes to insuring your mortgage debt, there are big differences between what your lender will offer you and what you can buy on your own.

Let us help you make the choice by getting straight to the point. You can choose whether you want to protect yourself and those around you, or your lender.

Individual

  • You choose the beneficiary

  • Insurance proceeds can be used for any purpose

  • Coverage is fully underwritten at time of application, not at claim

  • Your coverage moves with you - it is not linked to your mortgage

  • Death benefit remains the same regardless of outstanding loan balance

  • More affordable and more flexible with regard to eligibility

  • Renewable and may be converted to permanent coverage without health questions

Lender

  • The lender is the beneficiary

  • Insurance proceeds are used to pay off your mortgage

  • Pre-existing conditions may prevent payment of proceeds

  • Coverage ends if your home is sold or mortgage is ported

  • Coverage decreases relative to the outstanding balance of the loan

  • Fixed costs, which are more expensive than regular term coverage

  • Coverage cannot be renewed or converted

With lender insurance, you have no ownership, no guarantees, no flexibility, and no control. When you purchase your own insurance, you have full ownership and the freedom to structure your policy to meet your individual needs. The simple truth is that homeowners purchase insurance directly from their lender out of a sense of obligation. You have a choice, and the logical option is to protect the people who are making the investment decisions with you. We are passionate about protecting families and we will be there for yours if you can’t be.

While this decision should be an easy one, the best results will come from having a conversation about your priorities, so we can come up with a plan that is going to work best for you.

If you have questions about Mortgage Insurance, or already know what you need, give us a shout. We're happy to help.