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Mortgage Life Insurance

The purchase of a house is an important financial decision, many times the largest investment in our lifetime.  It goes without saying it is a smart idea to protect such a big investment. 

The objective of owning Mortgage Insurance coverage is to enable you to avoid leaving a significant debt for your surviving spouse and children. It allows your loved ones to stay in the family home and have the financial security in a time of emotional difficulty.  Without proper insurance, most families would not have the financial means to stay in their home, forcing them to sell.  In the event of your death prior to repayment of the mortgage loan, mortgage insurance will provide the financial freedom your family needs.

You agree, you want to protect you family….but do you really want to protect the BANK!  We recommend always consider buying personal insurance over what is offered to you at your bank.  And here is why….

Price Example

A Couple, both age 40, non-smokers in good health, with a $300,000 Mortgage

    1. Royal Bank1 = $102 per month
    2. TD Bank2 = $94.50 per month
    3. BMO Bank3 = $102 per month

Term 10 Life Insurance, $300,000 Each = $38.52 per month

Term 20 Life Insurance, $300,000 Each = $64.06 per month

Term Life Insurance to Age 65, $300,000 Each = $84.96 per month

Notes: Quotes as of October 10th, 2013.

1 Referenced from RBC Home Protector Brochure (03505 06/2012)
2 Referenced from www.tdcanadatrust.com/MortgageLifeInsurance (October 2013)
3 Referenced from www.bmo.com, Mortgage Insurance Calculator, 100% Life Insurance (October 2013)

Mortgage Insurance - Protect Your Family, Not The Bank!

 

Bank Mortgage Insurance

Personal Insurance

 

Who is Insured?

 

Only the individual(s) listed on the mortgage.

You, your partner and your children – Protect Anyone responsible for paying the mortgage.

 

How Much is my Benefit?

 

Only the balance of your mortgage. Decreasing benefit.

 

Whatever you need it to cover. In addition to your mortgage, cover debts, income replacement, education costs, etc.

 

 

What happens as my mortgage balance decreases?

 

The coverage amount decreases as the mortgage balance decreases (premiums remain the same). When the mortgage is paid off, the coverage ends.

 

The amount of coverage you have remains the same for as long as you own your policy – unless you decide to change it.  Fully portable coverage.

 

 

Who gets the insurance benefit if I die or become seriously ill?

 

The mortgage lender is automatically the beneficiary.

You decide who gets the insurance benefit and how it's used.  You choose your beneficiary.

 

What if I am in very good health?

 

One set of rates for all.

Preferred Rates Available.

 

What if I switch mortgage lenders?

 

You may lose the coverage and might need to reapply.

 

Your coverage remains the same – unless you decide to change it. Coverage is not tied to the Bank.

 

 

What if I cancel my insurance?

 

You lose all the money you paid for the coverage.

Depending on your insurance, you may have cash value in your policy

 

What if I want to modify my insurance?

 

You cannot. One policy for all.

You have flexibility - Adjust your benefit amount and able to convert term coverage to permanent with no medical.

 

Are my Premiums Guaranteed?

 

Your Premiums can change or be canceled by the lender on a group basis.

Premiums are guaranteed.

Will my claim be paid?

Post-claim underwriting.  Higher risk of claim being denied, after years of payments.

 

Underwritten at time of application.  Policy or claim cannot be revoked once policy is in force (except in case of fraud).

 

What if I want Critical Illness Mortgage Insurance?

Limited options.  Typically only covers 3 conditions.  Decreasing benefit.

 

Comprehensive coverage (over 20 conditions covered).  Level benefit.  Return of premium riders are available.

 

Allow the Insurance Professionals at D.L. Deeks Insurance Services to provide you with the insurance and peace of mind your family deserves.

Contact us at D.L. Deeks Insurance

 

D.L. Deeks Insurance
500 - 90 Allstate Parkway
Markham, Ontario, L3R 6H3

CONTACT US

Office Hours:
Monday - Friday | 8:30am - 5:30pm

1-800-240-5283
Ontario, Alberta & New Brunswick

1-877-615-2607
Rest of Canada