Mortgage Insurance or Personal Life Insurance? Why Life Insurance is the Superior option

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Mortgage Insurance vs. Life Insurance

Mortgage Insurance or Personal Life Insurance? Here's why Personal Life Insurance is the better option
Your home is the largest and most important financial commitment you will make. Insuring your home in case of the loss of a primary earner may be your top priority. We can help ensure that your home is protected with the insurance that suits your needs.
Below is a comparison chart outlining the differences between Mortgage Life Insurance, offered through your mortgage lender vs. Personal Life Insurance, offered through a Licensed Life Insurance Broker/Advisor.

  • The bank is the owner of the policy and you have no control over it
  • Lender is the beneficiary
  • The group policy can be terminated by the insurer at any time
  • Your insurance ends with the mortgage
  • Premiums can change if the group experiences change
  • Insurance terminates if you change lenders, you must re-qualify all over again
  • Cannot be more than the amount of the mortgage
  • Coverage decreases with your mortgage

  • You own the policy
  • Beneficiary of your choice which can be changed anytime
  • Your coverage is guaranteed
  • Your policy is guaranteed renewable and convertible
  • Premiums are Guaranteed
  • The insurance remains if you change lenders, change the mortgage, or buy another home
  • Can also include other needs outside of the mortgage i.e., income replacement, kid’s education, final expenses etc.
  • Coverage stays the same regardless of mortgage


Click on 'GET FREE QUOTE' Now for a Free No-Obligation Quote!

CBC Marketplace Investigation: In Denial Video
CBC Marketplace conducted an investigation into Mortgage Insurance and the results are extremely shocking. It turns out a routine test at the doctor could be reason to deny your claim, if you don't mention it. Had a cuff inflated on your bicep? That counts as being tested for high blood pressure. According to the report, the bank staffers selling Mortgage Insurance are not licensed and rarely trained to explain the details and legalities of those Insurance products. The result is people who pay premiums think they are covered, only to realize later that they are not. Please watch this video which demonstrates why Individual Life Insurance through a Licensed Insurance Broker from Life Protection Canada is a much better & safer option than Mortgage Insurance through the Bank.

Insurance Partners & Providers
The Insurance Companies featured on are some of Canada's most trusted financial institutions. These Canadian Insurance providers are leaders in the industry and offer a wide range of insurance and investment products:
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