A specific type of life insurance intended solely to pay your mortgage in the event of your death. Some lenders require that you have a life insurance policy as a condition of your mortgage agreement.
The alternative to this type of coverage is simply a term life insurance policy as its return never decreases. With mortgage life insurance, as you pay your mortgage off, the amount of your death benefit decreases accordingly. For those that cannot afford the premiums of term life insurance, a mortgage life insurance policy can be a cost effective way to protect such an important investment, but it is important to discuss your options with a licensed professional.
Given the vast number of insurance options and choices that exist in the marketplace today, your best option is to speak with a qualified professional. LifeCover.ca works with a vast network of Canadian insurance brokers who are ready to work with you to get the best coverage. Simply put, we make getting coverage easy.