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Smart Mortgage Protection
Mortgage Insurance compared to Life Insurance

Your home is probably the biggest investment you'll ever make. When you arrange a mortgage with a financial institution, they must ask you if you want to insure your mortgage through them. However, mortgage insurance from your bank or mortgage lender may not be your best alternative

Life insurance will give you more options and
greater control over your mortgage protection.

Compare the advantages of protecting your mortgage through life insurance and critical illness.

Renewing Your Mortgage?
It's a fact. Although a mortgage is one of their most important financial decisions,
many Canadians don't put as much thought into renewing their mortgage as they should.
Get coverage for your spouse, even if their name is not on the Mortgage.

Bank/Mortgage Insurance
(they own the policy)

Life Insurance
(You own the policy)

Your insurance covers only your mortgage balance. Decreasing Benefit.

Insure all of your credit cards, car loans, mortgage into one policy. You also get to keep the coverage long after debts have been paid. Benefit does not change.

Even though your mortgage debt reduces over time, your premiums remain level.

Your coverage amount does not decrease over time unless you choose to change it.

If you die, only the outstanding balance on your mortgage is paid off.

If you die, the death benefit is paid to your beneficiary who can use it as they see fit, not just to pay off your mortgage.

The mortgage lender is automatically the beneficiary.

You name the beneficiary.

If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance.

If you take your mortgage to another company you keep your existing insurance, so you don't have to
re-qualify.

You lose all your coverage when your mortgage is repaid, assumed or in default.

As long as premiums are paid your coverage remains in place, even if your mortgage is repaid, assumed or in default.

You have no flexibility to change your coverage as your needs change.

If you decided you need coverage only until your mortgage is repaid but later realize you require coverage for other needs, you can convert your insurance to a permanent plan.

Smart Mortgage Insurance Protection
$ Save Money $
by consolidating all your credit card insurance, loan insurance
and mortgage insurance, into one policy.

Read More about the Benefits of Owning your own coverage

Call 506 214 5433
Saint John, New Brunswick

 

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