Why Life Insurance is Better Than Mortgage Insurance for Canadians
When purchasing a home, many Canadians opt for mortgage insurance, assuming it provides essential protection. However, this product has significant downsides that could leave you and your family vulnerable.
A CBC mini-documentary highlights why mortgage insurance often falls short. One major issue is the underwriting process. With mortgage insurance, underwriting is frequently done after a claim is made, leading to denied payouts when families need them most. Additionally, the coverage decreases as your mortgage balance declines, yet premiums remain the same.
In contrast, life insurance is a far superior option for Canadians seeking comprehensive financial protection. Life insurance undergoes underwriting upfront, ensuring you know the policy will pay out when it’s needed. Moreover, the coverage remains constant regardless of your mortgage balance, and the payout can be used for any purpose—not just mortgage repayment. This flexibility allows your loved ones to cover other expenses, such as education, daily living costs, or even investments.
Get more information on life insurance from this article, ‘How to Get Life Insurance Right‘.
If you’re unsure which option is right for you, consider speaking with a qualified advisor. Michael offers complimentary consultations to help you understand your needs and make an informed decision.
Protect your family with the right insurance. Learn more about why life insurance is a smarter choice for Canadians. Book your free consultation with Michael today!