illnessPROTECTION.com: Mortgage Insurance, Mortgage Life Insurance, Home Mortgage Insurance

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"Don't buy this at the bank - there's a better and less costly alternative"
	Mark Halpern,CFP Top Advisor in Canada

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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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"Mark Halpern guided me through the confusing maze of insurance and financial products with artful expertise. His innovative ideas and attention to detail are impressive. He's also a good guy. If you w... " Read more
Eric Carmona
Partner, Stikeman Elliott LLP

"I heard Mark interviewed on Money Talks radio with Jerry White and was intrigued by the critical illness insurance he specializes in. We set up an appointment in his office and I approached our meetin... " Read more
Ms Susan Jackson
Chartered Accountant

"I turn to Mark Halpern for help on insurance matters for myself and for my clients. He is an extremely competent professional with knowledge and expertise that comes particularly handy in complex esta... " Read more
Joe Lebovics, C.A.
Lebovics and Good, Chartered Accountants