Life insurance

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Frequently Asked Questions Mortgage Life Insurance Term Life Insurance
What is it? Mortgage life insurance is an insurance policy that pays the balance of your mortgage if a person listed on the mortgage dies. Term life insurance is an insurance policy that pays a death benefit if a person listed on the policy dies. The money can be used to pay off a mortgage, other debts or help with the day-to-day expenses of the surviving family members.
What happens to my coverage once my mortgage is paid off? Without a mortgage there is no longer a need for mortgage insurance so coverage is no longer available. Your life insurance coverage will continue for as long as you want to renew the coverage or until you choose to cancel.
How much insurance coverage can I get? The amount of your insurance coverage is determined by the amount of your mortgage. You can choose any amount of life insurance coverage.
Will I always have the same amount of coverage? No, as you pay off your mortgage the amount of coverage decreases as well. Yes, the amount of coverage you choose when you bought the policy will stay the same for the term of the policy. You can opt to increase or decrease your coverage at any time. If you choose to increase your coverage however, you will have to re-qualify.
Who receives the death benefit from the insurance policy? The mortgage lender is the beneficiary and receives the death benefit. The beneficiary you have designated receives the death benefit.
Does the policy stay in force if I sell my home and buy another? No, usually you will have to get, and qualify for, a new mortgage life insurance policy. This could be a hassle given that many people end up buying 2 or 3 homes over the course of their lifetime. Absolutely. Your term life insurance policy stays in effect for the duration of the term, regardless of how often you move. Your policy will stay in force so long as your premiums are paid and you wish to maintain the coverage.
If I change mortgage lenders, does the policy stay in force? No, usually you will have to get, and qualify, for a new mortgage life insurance policy. Yes, you own and control the policy.
Where can I get this coverage? Through your mortgage lender. Easily, online through Kanetix.ca.

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QUOTE TICKER
Life Insurance Quotes Premium
Customer 43, COURTICE, ON
Joint, Term 10, $750000, Non-smoker
SSQ Financial Group$1057.50
Equitable Life Insurance Canada$1062.50
Foresters$1083.13
BMO Life Assurance Company$1122.50
Desjardins Financial Security$1187.50
Range of top quotes$130.00
Customer 43, TORONTO, ON
Single, Term 20, $1700000, Non-smoker
SSQ Financial Group$2440.00
Equitable Life Insurance Canada$2506.67
Desjardins Financial Security$2522.00
Industrial Alliance Financial Group$2525.00
BMO Life Assurance Company$2566.00
Range of top quotes$126.00
Customer 45, ETOBICOKE, ON
Single, Term 10, $500000, Non-smoker
Equitable Life Insurance Canada$584.80
SSQ Financial Group$585.00
BMO Life Assurance Company$595.00
Foresters$595.00
Industrial Alliance Financial Group$685.00
Range of top quotes$100.20
Customer 32, BARRIE, ON
Single, Term 10, $1000000, Non-smoker
Equitable Life Insurance Canada$467.65
SSQ Financial Group$470.00
Foresters$470.00
BMO Life Assurance Company$480.00
Industrial Alliance Financial Group$610.00
Range of top quotes$142.35
Customer 51, CALGARY, AB
Single, Term 10, $500000, Non-smoker
SSQ Financial Group$920.00
Equitable Life Insurance Canada$922.79
BMO Life Assurance Company$935.00
Foresters$950.00
Industrial Alliance Financial Group$1035.00
Range of top quotes$115.00
Customer 48, TORONTO, ON
Single, Term 10, $700000, Non-smoker
SSQ Financial Group$942.00
Equitable Life Insurance Canada$951.81
BMO Life Assurance Company$967.00
Foresters$974.00
Industrial Alliance Financial Group$1096.00
Range of top quotes$154.00