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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"As the founder of Back Clinics of Canada I often meet patients who travel here from all over the world seeking expert advice and quality care in our clinic. I am especially grateful that Mark Halpern, CFP, is available locally to help me and my family on matters of insurance and estate planning. His objective advice and leadership in the financial services industry makes him my trusted advisor, he can do the same for you."
Dr. Ron Nusbaum
Back Clinics of Canada
"My busy practice and family life leaves precious little time to deal with our insurance matters; and it's not my area of expertise. Mark Halpern created a program that's protecting me and my family. He really cares. You will be working with the best."
Dr. Edward (Ted) English M.D. B.A. F.R.C.S.C.
Chief of Orthopedic Surgery
Medical Director of Orthopedic and Rehabilitation Medicine
The Scarborough Hospital
"I kept hearing the radio ads thinking to myself that I would be silly if I didn't check it out. As a business owner in the auto and equipment leasing business for many years, I realized that if I can't work, my family and I would be in big trouble. So I called Mark and met him in his office. The experience turned out to be exactly what I had hoped for...and more. Mark helped me to see the weaknesses in my planning and got me the right protection programs that I needed for me and my family. I now know that I can go to my office everyday and if anything happens to my health, I will have no worries, which is what it's all about. All I have to do is think about getting healthy and not worrying about the bills. Thanks a million Mark!"
Bob Wilson
President
Bob Wilson Leasing
Auto & Equipment Leasing
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By practicing what I preach, I too retained an expert to help me execute my estate and family plan. In doing so, I turned to Mark Halpern and illnessPROTECTION.com for his expert advice and support. Mark successfully guided me through the process from A through Z and has provided my family with peace of mind. Thanks Mark!"
Ken Sweeney, Partner
Growth Equity Partners