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.
To learn more simply fill out this form or call us at 416-364-2929 or 1-866-566-2001.
"It was a pleasure working with Mark. He was extremely professional and had a definite interest in the well being of my family, and protecting us against unforeseen harm. Mark took the time to work with me on various options, and we achieved the right protection for my family."
Grant Cansfield
Partner
Aird and Berlis LLP
"I responded to Mark's radio advertising because I was interested in critical illness insurance. My biggest concern as a visiting nurse is what would happen to me and my family if my income stopped due to an accident or sickness. Plus, I had no idea if my current long term disability coverage was adequate as I had no professional advisor to review it for me. Mark was very helpful. He was straightforward on what I had and what I should be doing. He responded quickly to my needs and got me the right critical illness insurance protection and life insurance for me and my family. I feel much better knowing that things have been taken care of and am happy to know that I can always count on Mark if I need anything in the future. I recommend Mark to any busy person who needs things done the right way...and... right away!"
Jolan Drdla
Visiting Nurse
VHA Nursing Association
"I kept hearing the radio ads thinking to myself that I would be silly if I didn't check it out. As a business owner in the auto and equipment leasing business for many years, I realized that if I can't work, my family and I would be in big trouble. So I called Mark and met him in his office. The experience turned out to be exactly what I had hoped for...and more. Mark helped me to see the weaknesses in my planning and got me the right protection programs that I needed for me and my family. I now know that I can go to my office everyday and if anything happens to my health, I will have no worries, which is what it's all about. All I have to do is think about getting healthy and not worrying about the bills. Thanks a million Mark!"
Bob Wilson
President
Bob Wilson Leasing
Auto & Equipment Leasing
"My business involves large real estate investment transactions and requires making complex issues easy to understand for all parties involved. Mark Halpern explained to me the complex world of life insurance. He made it very easy for me to understand, with all the details I needed to make an informed decision. He followed up on all our meetings within our agreed timelines and we concluded a successful transaction. He helped me think about the future and understand all of my options in order to know how insurance fits in. I recommend him highly."
John Weiler
President
White Cap Consulting Inc.