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The life insurance linked to your mortgage is guaranteed by your mortgage and pays the remaining balance directly to the lender in the event of your death, not to your family. Coverage decreases as your mortgage is reduced, premiums generally stay fixed, and the contract ends once the loan is paid off.
For some families, life insurance linked to a mortgage loan provides peace of mind by helping to eliminate mortgage debt, reduce financial stress, and preserve homes after a disaster. However, it is important to understand the limits before taking out this type of coverage.
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Life insurance linked to your mortgage may be right for you if you are looking for a simple solution, backed by your loan, with a minimum of decisions to make and a quick implementation. On the other hand, it may not be ideal if you want more flexibility, long-term value, or control over the use of death benefits.
Many Canadians are surprised to learn how mortgage life insurance differs from individual life insurance. Mortgage insurance indemnifies the lender, decreases over time, and offers limited flexibility, often with a risk assessment at the time of claim.
Individual life insurance pays the funds directly to your beneficiaries, maintains the level of coverage, and allows you to have full control over the use of the money. Clic Prime explains both options clearly so you can make an informed decision without assumptions.
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We assess the amount, duration, and family responsibilities of your mortgage.
We explain the differences between mortgage life insurance and individual term or permanent life insurance, including differences in costs and benefits.
You decide what best protects your family, with clear advice and no pressure.
Consult with licensed experts who will guide you through your options and help you choose the lifetime coverage that's right for you.
The lender receives the payment, not your beneficiaries.
No, coverage decreases over time, while premiums may vary by lender and insurance policy.
Yes. Many Canadians are replacing their mortgage insurance with individual insurance.
No It is optional, even if it was presented as mandatory.
Mortgage life insurance can be useful, but only if you understand how it works and how it compares to other options. Clic Prime helps you protect your home and family through the right structure, not assumptions.
