Insurance services
Mortgage Insurance
COMPLETE PROTECTION FOR YOUR HOME AND PROPERTY
Mortgage insurance that customers love and trust
Protect yourself with Canada’s best customizable home insurance policy with Protect Family
The mortgage insurance policies offered by Protect Family include critical protection against break-ins, fires and windstorms as standard – no paying extra. And that’s just the start. Keep reading to learn more about our unique approach.
Contract Installments
It is designed to cover some or all of the remaining balance on your mortgage in the event of your death, but the payout does not go to any beneficiary. Instead, it goes directly to your bank or mortgage lender.
Obligations
Mortgage insurance pays off all or part of your mortgage debt, but it doesn’t leave any money for your family. You might want to consider term life insurance for greater needs, which can provide broader financial protection.
Childcare & Others
When purchasing insurance, ensure that you have sufficient coverage to meet your family's financial needs, whether it's making mortgage payments, paying off debts, or other expenses.
Numbers
Client results
Learn more
Frequently Asked Questions
Mortgage protection insurance is a type of life insurance policy. So what kind of life insurance can secure your mortgage and your family’s future? The most affordable option is term life insurance.
With term life insurance, you are covered for a set period, such as 10, 15, 20, or 30 years.
We specialize across a vast area of services, particularly in insurance and investments. For a detailed answer, please look at our services page.
If you pass away during the term, your family or beneficiaries would receive a tax-free death benefit. They can use the funds from this benefit for any purpose. This means your family will have the resources to cover expenses they relied on you to provide for, including mortgage payments.
Most mortgage lenders will offer you the option to apply for mortgage insurance directly through them. However, before you finalize your mortgage, consider how different their policies are from term life insurance.
Here are key differences:
Mortgage insurance is distinct from personal life insurance because the coverage decreases annually or as the mortgage balance declines.
The bank is the beneficiary in mortgage insurance, whereas in a personal life insurance policy, the insured can choose their own beneficiary.
The coverage isn’t flexible. This means that the insurance is tied to a specific mortgage. With a personal policy, the insured can maintain their coverage if they move homes, switch banks, or eventually pay off their mortgage.
Coverage ends when one spouse dies. A personal policy can be structured as a joint or multi-life policy, which allows the beneficiary to receive a double benefit if both spouses die.
The coverage isn’t convertible. A mortgage life insurance policy isn’t convertible to a permanent policy, but a personal term life policy is convertible to a permanent plan without a medical exam. This allows the insured, who may have developed health issues over the life of the policy, to convert to a permanent flat-rate plan without health questions or medical exams.
When purchasing your new home, take the time to shop and compare the lowest quotes for life insurance. Compare the cost of a term life insurance policy to a mortgage insurance policy. Chances are, you’ll find that a term life insurance policy offers lower annual premiums and provides more coverage and flexibility than a mortgage insurance policy.
At Protect Family Insurance, we offer and guarantee the lowest quotes on term life insurance and mortgage insurance.
Carol Oliveira
