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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"In my position I deal with thousands of professionals and corporations annually and in the main virtually everyone is wonderful but I must tell you that there are only a few very special individuals-what I call the "good guys" in life - the real deal. I can honestly tell you from the heart that Mark Halpern is one of them and we are proud to recommend Mark to our clients, have him as a client but most important, to call him a friend."
John Danson
Cleveland Clinic Canada
"I met with Mark after hearing his radio ads. We met in his office and I found him to be extremely professional. I really appreciated his orientation and process. It wasn't only about insurance, albeit, this was a very important reason for our meeting. He was genuinely interested in finding out about me and my family and our aspirations and goals to determine what was best for us. Mark was very flexible with my busy travel schedule. He followed through even as I experienced a significant move and corporate change. Mark will be a big asset to any senior executive who doesn't have the time or urgency to look after important family matters. I recommend him highly."
Riaz A. Bandali, MBA, BSc
President and General Manager
Global Early Clinical Research
Quebec
"I was referred to Mark by my father who has done business with him for several years. As a director of a TSX listed company and now as a new father, I had to look into insurance for me and my family for the first time. I was unfamiliar with the different insurance products available and needed someone that I could trust to guide me and my family through the process. Mark did a professional job of explaining the potential risks in life and educated us on all of our options. His recommendations were appreciated and we know that he delivered the best possible programs for us now and to build on in the future. I recommend Mark to anyone who needs a trustworthy advisor to guide them as they grow their business and personal life."
Warren Perlman
Director Solutions Architecture
Workbrain, Inc
"I called Mark after hearing him many times on the radio. Operating a growing family business in building restoration and expecting my first child soon got me thinking about how I must take care of myself. Even more so, my father passed away last year and I wanted to make sure that my family and business would survive if I got sick or died. Meeting with Mark was a definite eye opener in terms of my position in life now and in the future. He helped me evaluate all of the potential problems that could come up and provided me with the right solutions that I needed to take care of any unforeseen problems. He organized our group health benefits, mortgage financing and got us started with RESP's. He is now looking after all of our insurance protection programs. The experience was simple and smooth. Working with Mark was a truly educational experience."
Jason Gheda
President
SST Group of Construction Companies Limited