Customized coverage for your mortgage loan
Because your mortgage is usually your biggest expense, it’s essential to make sure you can make your monthly payments. Take out coverage for this expense to ensure you don’t end up struggling with massive payments if you can no longer earn a paycheque. “Imagine a scenario: You fall and hurt yourself during an outdoor activity, preventing you from working and earning part or all of your income. Can you make your monthly payments? For how long?”
Get your advisor involved to be informed and benefit from advice for your specific needs and situation. You’ll also find out how they can convert your loan insurance to permanent life insurance.
An offer to your advantage
| Our product | Products from financial institutions | |
|---|---|---|
| Control | YOU can consolidate your loans into one insurance contract. | Every loan requires a different insurance plan. |
| YOU own your contract and YOU are free to choose your beneficiary. | The lending institution is both the lender and beneficiary of the contract. | |
| YOUR beneficiary can use the death benefit without restriction. | In the event of death, the lending institution repays the loan but leaves nothing to your beneficiary. | |
| YOU receive the benefit in the event of a disability* or critical illness* to be spent at your discretion. | In case of disability or critical illness, the lender receives the amount, which must be used to repay the loan. | |
| Freedom to choose | YOU can decide if your insurance amount is fixed or decreasing. | The insurance amount decreases with the loan amount by default. |
| YOU choose the amount of life, disability and critical illness insurance that you want. | The insurance amount it limited to the balance of the loan or monthly payment. | |
| YOU have the flexibility to refinance or take out a new loan. | The insurance amount is equal to the loan amount; a new loan requires a new insurance plan. | |
| YOU can convert your insurance plan into permanent life insurance, without answering questions about your health condition. | You do not have options for conversion; the lender’s insurance does not offer alternate solutions. | |
| Guarantees | YOU pay the same premium for the entire term of the loan, even if interest rates increase. | Your premium may increase with your age. Your disability insurance premium may also vary with interest rates. |
| YOU remain insured, even if you switch lending institutions. | Your insurance coverage ends if you change lending institution. | |
| YOU are protected in the event of critical illness; the additional coverage applies to 25 critical illnesses. | When the lending institution offers protection with additional coverage, there are usually only 3 illnesses covered. | |
| Peace of mind | YOU benefit from the advice of an insurance specialist who takes your full financial situation into consideration. | You generally receive advice that is limited to the loan insurance and does not take your other financial needs into account. |