Mortgage Insurance

Mortgage Insurance

There is a better alternative

Watch the investigative report by CBC Marketplace here.

Most homeowners put the finishing touches on the closing documents with mortgage insurance - typically from the bank or lender financing the deal. Mortgage insurance is used to secure the loan by making funds available to pay the balance of the mortgage in the event of death.

It makes good sense to cover debts with insurance. There is a better and less costly alternative to mortgage insurance. It's called Life Insurance.

A life insurance policy costs less and provides many additional and important benefits.

With bank mortgage insurance, coverage decreases as the mortgage decreases yet the cost of premiums shows no corresponding decline. Effectively, the cost per $1,000 of coverage increases as this type of insurance will only pay the balance of the mortgage outstanding at death. With life insurance, your payout remains fixed throughout the term.

Life insurance pays more than just the bank. Bank mortgage insurance typically pays the balance of the mortgage outstanding so only the bank gets paid. With life insurance, there's something left for your family and loved ones.

If you switch mortgage providers, you will usually need to re-qualify for bank mortgage insurance with the new financial institution. Given that you will be older, rates will increase. If your health has deteriorated, you may not even qualify for mortgage insurance. Life insurance remains valid no matter how many times the mortgage is refinanced or moved.

Bank mortgage insurance is typically more expensive than life insurance. It is also subject to Provincial Sales Tax, whereas life insurance is not. Homeowners who are healthy and have a healthy family history, receive discounts on life insurance premiums.


Please contact us today for your no-obligation consultation. We look forward to helping you and your family.

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"My business is preparing Canadian Chartered Accountants to pass the American CPA exams. This requires providing candidates with an organized program and the necessary tools to be successful. Mark Halpern organized my estate planning and provided me with the advice necessary to properly protect my family. He educated me as to exactly what my young family's needs were. Mark worked closely with me to ensure that all of the necessary decisions were made on a timely basis. The process was very efficient. I highly recommend Mark to busy professionals who want one-stop shopping for all of their estate planning needs."
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"I had been declined for life insurance over several years and had pretty much given up. Then I heard Mark's radio ads, went to the website and read the testimonials from significant business owners and professionals who apparently had similar challenges, yet Mark got them the protection they needed. After meeting Mark I felt confident that if he could not do it, nobody could. He put me in touch with a top medical doctor for a complete work up and tests. Several months after completion, we submitted an application into the largest insurance company in Canada and I was thrilled to be offered the life insurance and critical illness insurance that I wanted. I meet people all the time who promise big and don't deliver. It is rare to meet someone as competent as Mark who is a man of his word from day one. I trust him completely and appreciate his professionalism and hard work. I have already started referring him to my family, friends and clients."
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