Question 1

Why should I buy life insurance from a broker instead of the bank's mortgage insurance?

Accepted Answer

Bank mortgage insurance pays the bank if you die, and the coverage declines as you pay down your mortgage. A personal Term Life Insurance policy pays your family (beneficiaries) a tax-free lump sum, and the coverage amount stays the same even as your mortgage balance drops. It gives your family control over the money, not the lender.

Question 2

Is mortgage critical illness insurance worth it?

Accepted Answer

It can be a financial lifesaver. If you suffer a heart attack, stroke, or cancer diagnosis, critical illness insurance provides a lump sum payment. You can use this to pay your mortgage while you recover, cover medical costs not paid by OHIP, or simply replace lost income. It removes the stress of losing your home during a health crisis.

Question 3

Do I need a medical exam to get life insurance?

Accepted Answer

Not always. Many "Simplified Issue" policies available through our partners allow you to get coverage up to certain limits (e.g., $500,000) by answering a few health questions, with no needles or doctor visits required. Bank mortgage insurance often does "post-claim underwriting," meaning they check your health after you die, which can lead to denied claims. Personal policies are underwritten upfront for certainty.

Question 4

What happens to my insurance if I switch mortgage lenders?

Accepted Answer

If you have bank mortgage insurance, your policy ends when you switch lenders, and you have to re-apply (often at a higher rate due to age/health). If you have a personal life insurance policy through us, it is portable. It stays with you regardless of which lender holds your mortgage or if you move to a new home.

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