For most Canadians, their home will likely be the biggest purchase they’ll ever make. That’s why it’s so important to protect their investment with products like mortgage insurance and term insurance.
Many lenders will offer to sell mortgage insurance (life insurance on the mortgage) right at the time of settling on the mortgage. While this is convenient, term life insurance is another option to help ensure the mortgage is paid off. It’s a good idea consider which type of protection is the best fit.
How does mortgage insurance and term insurance differ?
Mortgage insurance protects the lender for the outstanding amount of the mortgage, where term insurance protects the homeowner’s beneficiaries for debt.
People often have other needs besides paying off a mortgage, like providing income for a surviving spouse, paying off other debts, or education costs for their family—all of which life insurance can cover.
“Once you’ve found the right home, it makes sense to invest as much care into finding the right insurance to help protect you and your family.”
The right insurance product for you will depend on your personal situation, needs and goals.
FreshPlan offers several calculators relating to Mortgages, Debt and Insurance. Be sure to refer to those and other relevant infographics when you are planning and connecting with clients.
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