Mortgage Insurance

Mortgage Insurance

There is a better alternative

Watch the investigative report by CBC Marketplace here.

Most homeowners put the finishing touches on the closing documents with mortgage insurance - typically from the bank or lender financing the deal. Mortgage insurance is used to secure the loan by making funds available to pay the balance of the mortgage in the event of death.

It makes good sense to cover debts with insurance. There is a better and less costly alternative to mortgage insurance. It's called Life Insurance.

A life insurance policy costs less and provides many additional and important benefits.

With bank mortgage insurance, coverage decreases as the mortgage decreases yet the cost of premiums shows no corresponding decline. Effectively, the cost per $1,000 of coverage increases as this type of insurance will only pay the balance of the mortgage outstanding at death. With life insurance, your payout remains fixed throughout the term.

Life insurance pays more than just the bank. Bank mortgage insurance typically pays the balance of the mortgage outstanding so only the bank gets paid. With life insurance, there's something left for your family and loved ones.

If you switch mortgage providers, you will usually need to re-qualify for bank mortgage insurance with the new financial institution. Given that you will be older, rates will increase. If your health has deteriorated, you may not even qualify for mortgage insurance. Life insurance remains valid no matter how many times the mortgage is refinanced or moved.

Bank mortgage insurance is typically more expensive than life insurance. It is also subject to Provincial Sales Tax, whereas life insurance is not. Homeowners who are healthy and have a healthy family history, receive discounts on life insurance premiums.


Please contact us today for your no-obligation consultation. We look forward to helping you and your family.

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What Our Clients say

"I called Mark after hearing his radio advertisements on 680 News. What struck me about these ads were they had a very clear message and were direct and to the point. Over the past few years, I had encountered my share of challenges in trying to obtain the right level of life insurance for myself and my family; and after listening to these ads a few times while driving in to work I thought that Mark might be able to help.
I was right. When we met, my wife and I found him courteous, well-informed, and well-organized. The very thorough planning process he took us through at our first meeting helped us identify areas of weakness that needed to be fixed. He was very well versed in all the different kinds of life insurance policies that were available; and given the rather limited knowledge my wife and I had in this area, we learned much from that first meeting.
He also inspired trust. This was important to us - as I am sure it is to most people - in view of all the personal financial information that needed to be shared with him during the planning process.
In short, Mark was successful in getting us the life insurance we needed; and for this, we will be forever grateful. It was also a pleasure doing business with someone as persistent, helpful, knowledgeable, and customer-friendly as Mark; and I would have no hesitation at all in recommending him to anyone who is in the market for life insurance.
Thank you, Mark, for your help."
Govind Menon
Senior Portfolio Manager
Canada Pension Plan Investment Board

"Being in the financial services business myself, I can truly appreciate the quality of Mark Halpern's professionalism. His caring advice and thoughtful insights have always exceeded my expectations. He will take good care of you and your family too. "
Steve Placey
Branch Manager, Agency 777
C.S.T. Consultants Inc.

"Mark has been our Insurance and Financial Advisor for fifteen years. We trust him implicitly to always find us the best solutions to meet our changing needs. What is truly amazing is that even after all this time, Mark still maintains the same incredible, personalized service he provided from the outset. Mark, you're the best in the business!"
Lee Rand
President
Rand Research Corporation

"I was referred to Mark by a lawyer colleague who is familiar with insurance company litigation. She deals with insurance matters and advised us that if we were considering critical illness insurance, Mark is the best in the business. My wife and I are both lawyers, so we needed to understand everything and Mark took the time to explain things in great detail. He didn't pressure us and helped us make the right decision. We also really appreciated Mark's accommodation by arranging to meet us late at night. We both recommend Mark highly."
Alan G.
Lawyer