Mortgage Insurance

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Many Canadians seek to minimize financial hardship for their families with mortgage insurance. The fact is, buying a home is probably the biggest financial decision you'll ever have to make. Assuming you use a mortgage to finance your home, it just makes good sense to ensure your investment is adequately protected through an insurance plan, one that will pay off your mortgage should anything happen to you. You wouldn't want to leave your spouse or children with a mortgage they might not be able to afford. But there is more than one option for insuring your mortgage. Many people are unaware that their lending institution is not the only source for this kind of protection and that better choices may exist... ones with lower cost and greater flexibility. So it makes sense to do some shopping and comparing. It's worthwhile comparing the costs and benefits of mortgage insurance to ensure you get the value and flexibility you need. The following table compares the two options for insuring your mortgage and show how acquiring protection from your life insurance provider is an excellent choice.