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Mortgage Eliminator Tool

Warning: mortgage insurance

How to protect your RRSP

Compare Your Personal Mortgage Life Insurance Plan vs. The Bank's!

When you arrange a mortgage with your financial institution, the law requires them to ask you if you want to insure your mortgage. This guarantees that your mortgage be paid off should you die.

You are not obligated to take mortgage life insurance from the bank you obtained your mortgage!

Everyone who understands insurance, including any trustworthy bank lending officer, will inform you that there are superior options available to you elsewhere in the market.

Examine the following features comparison and then decide how you wish to protect your family!

	Our Plans	The Banks
Do non-smokers pay much less?	Yes.	No. Smokers and non-smokers pay the same rate.
Who owns the policy?	You, the insured.	The lender.
Who receives the death benefit?	Your designated beneficiary.	The lender.
Does the insurance remain in force if I change lenders?	Yes.	No.
If I am applying jointly with my spouse, are the premiums calculated fairly based on our individual age?	Yes.	No. Premiums are generally based on the oldest applicant.
Are the premiums guaranteed?	Yes.	No.
But my bank told me "my premiums will remain constant even as I get older"!	Your premiums stay constant, independent of which bank(s) you do business with.	True. As long as you don't switch banks or refinance your loan (meaning you will accept their new interest rate upon renewal, no questions asked! How many people do you know that do this?).
Who can cancel the policy?	Only you, the owner.	The lender, at any time.
When does my coverage end?	Can receive coverage up until full repayment of loan or longer.	Upon full repayment of loan, refinancing, changing lenders, age 65 to 75 (depending on lender), or cancellation by lender.
Can I convert this insurance to a permanent plan?	Yes.	No.
How many critical illnesses does my plan cover?	Choose upto 25!	When offered, generally only 4.
Does my critical illness plan allow me to use the money to pursue treatments not available in Canada?	Yes. You may use the proceeds as you see fit.	No. The proceeds only pay off your mortgage.
Can I receive professional, expert insurance advice?	Yes.	No.
When is the policy underwritten (processed & approved 100%)?	Before the policy is issued.	After your death. Your policy may be declined at that time! (go to the education center for further important details.)