LIFE INSURANCE
Mortgage protection insurance
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A personally owned life insurance contract used to cover a mortgage. It is not the same product as the creditor group insurance offered at the lender counter, and the differences are structural.
What separates the two mortgage covers
- Who owns it decides everything elseA personal contract belongs to the insured person, who names the beneficiary and keeps the contract even if the loan moves to another institution. Creditor coverage is a group contract held by the lender.
- A declining amount and a level amount are two productsCreditor coverage is written against the balance owing, so it falls as the loan is repaid. A personal contract pays the amount written in it, and the family decides what that money is used for.
- Underwriting done after death is a different exposureCreditor coverage often asks few questions at signing and reviews the file after a death. An individually underwritten contract settles the health question before it is issued.
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No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
The cornerstone guide
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What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.