|Most Mortgage Insurance from a bank, credit union, or mortgage broker:
|Term Insurance through a Canadian Life Insurer:
|Do I own the policy?
|No, the lending institution holds the contract with the insurance carrier?
|Can I choose my beneficiary?
|No, the mortgage provider is the beneficiary
|Will I still have insurance if the mortgage is paid off?
|Can I get non-smoker rates?
|Does the death benefit change over time?
|Can I change the plan if my needs change?
|Yes, there are additional coverages that can be added or dropped, the coverage can be increased or decreased, and the plan can be made permanent.
|If I change my lender, will I still have insurance coverage? (Is it portable)
|No, you would have to get coverage through the new lender. If your health has changed, you might not be eligible.
|Yes, whether you move, refinance, or change your lender, you keep your coverage.
|Is the amount I pay guaranteed?
|No, your lender can change the rates of your policy at any time.
|Yes, your qualifying rate and renewal rate is guaranteed.
|Is the amount I’m covered for guaranteed?
|No, your lender can change the policy at any time.
|Yes, the amount you apply and are approved for is guaranteed if the insurance is in force.
|Can my beneficiaries use the proceeds for something other that the mortgage?
|Yes, your beneficiary can use some or all the tax-free death benefit for other things like living expenses and other debts.
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