Mortgage Protection Insurance in Ottawa

What mortgage protection can include

Mortgage protection is not always one product. It can include life insurance to protect the family if someone dies, disability insurance to protect income if work stops, and critical illness insurance to provide a lump sum after a covered serious illness.

• Personal term life insurance for mortgage and family protection
• Bank or lender mortgage insurance for mortgage-focused coverage
• Disability insurance to help protect the income that pays the mortgage
• Critical illness insurance for serious illness recovery pressure

Bank mortgage insurance vs personal coverage

Bank mortgage insurance may be convenient and may suit some homeowners. Personal life insurance is often worth comparing because your chosen beneficiary usually receives the payout and can decide whether to pay the mortgage, cover bills, replace income, pay debts, or protect children’s future needs.

Good moments to compare options

• Before closing on a new home
• When renewing or refinancing a mortgage
• After getting married or having children
• When reviewing bank mortgage insurance
• When your income, debt, or workplace benefits change

What a review should consider

A proper mortgage protection review should look at the mortgage balance, both incomes, children, debts, savings, workplace benefits, existing insurance, health considerations, and budget. The right setup depends on the full household, not only the loan balance.