Education Centre

Conclusion

Mortgage insurance through your bank offers you an easy and convenient way to purchase insurance, but there are many drawbacks.

  • Proof of good health is deferred until time of claim (when you are obviously not healthy).
  • Your beneficiary does not have control of the proceeds.
  • You risk losing valuable insurance protection if you refinance or move your mortgage and you are no longer healthy.
  • Mortgage Insurance is not cost effective.

While insuring your mortgage is a smart decision no matter how you go about it, better quality protection is available at a lower cost than what your bank can offer you.

For more information on life insurance to protect your mortgage, click here to contact your local Authorized CBIA Representative.

click here for more information on CBIA’s Term 80 Life Insurance plan.