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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"I was in a major car accident and off work for several months while I recuperated from a broken leg At the time of the accident I didn´t have disability insurance so the impact of the accident had serious financial repercussions as well. Eventually I was able to return to dentistry work but the task of finding insurance with my accident history was difficult.
I have a lot on my plate practicing at our 11 dental centres across the GTA and parenting four children at the same time. When I sought out Mark Halpern´s assistance I knew I had found the right advisor. Mark made the process of getting the right coverage in place easy and seamless for me. I´m sure he had to go the extra mile behind the scenes but Mark never made any mention of it. Since partnering with illnessPROTECTION.com I haven´t had to lift a finger. Mark has saved me a lot of time which has been the best part of working with him. With my busy lifestyle both personally and professionally, time is the most precious commodity of all. Mark understood this immediately and worked hard on my behalf so that I could focus on taking care of my family and business. Thank you Mark!"
Dr. Edward Gelfand
President and Founder
Dawson Dental Centres
"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.
"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 estate and trust matters."
Joe Lebovics, C.A.
Lebovics and Good, Chartered Accountants
"My business involves large real estate investment transactions and requires making complex issues easy to understand for all parties involved. Mark Halpern explained to me the complex world of life insurance. He made it very easy for me to understand, with all the details I needed to make an informed decision. He followed up on all our meetings within our agreed timelines and we concluded a successful transaction. He helped me think about the future and understand all of my options in order to know how insurance fits in. I recommend him highly."
John Weiler
President
White Cap Consulting Inc.