Mortgage Insurance is intended for all owners and future owners. It will cover your mortgage payments in the event of an untimely death or a disability, thereby shielding your family from a difficult financial situation.
Your lending institution will probably offer you to buy the Mortgage Insurance from them. But legally, they cannot require that you purchase this insurance from them or an insurer of their choice – neither when you apply for a loan, nor at renewal.
You would be better off getting your Mortgage Insurance from an insurance broker
Benefit paid to the beneficiary
By purchasing your insurance with Lussier Dale Parizeau, in the event of death, the benefit would be paid to the beneficiary of your choice, and not to the lending institution. The beneficiary would then be free to use part of that amount for something other than settling the mortgage in full.
Keep your insurance if you change institutions
With Lussier Dale Parizeau, you keep your coverage even if you change lending institutions. If you were insured with your financial institution, you would have to apply for a new insurance. Your premium could then increase or you may even be turned down for health reasons.
Choose a fixed or decreasing death benefit
Finally, when your Mortgage Insurance is with Lussier Dale Parizeau, you can choose between a fixed or decreasing death benefit, when the lending institution will only offer the second option.
Once your mortgage is paid off, the insurance can be converted into a Permanent Life Insurance.
Because each situation is unique, Lussier Dale Parizeau’s financial advisors are here to guide you towards the insurance coverage that will meet your needs and ensure your peace of mind, and can offer you a free evaluation of your mortgage insurance.