MortgageInsurance.ca

12/20/2022

Are you a non-smoker?
Do you have mortgage life insurance with your bank?

Then your bank is charging you the same premiums as a smoker. Bank mortgage life insurance charges everyone the same premium - smokers and non-smokers alike. And it's not like smokers are getting a discount here - you know better than that. Nope, you're paying smoking premiums whether you smoke or not.

Example: Female 40 nonsmoker, $500,000 of life insurance:

Banks: $100-$125/month (smokers and non-smokers)
vs.
Term 20 at MortgageInsurance.ca: $38/month (non-smoker)

If you have bank mortgage life insurance, stop paying your bank the same premiums as smokers. Head over to mortgageinsurance.ca to get a quote for term life insurance, apply online, and start paying the rates you deserve.

11/23/2022

11/21/2022

RBC, BMO, Scotiabank, TD, CIBC - is your mortgage life insurance with any of these 5 banks?

Find out why Canadian consumer advocates say you should never buy this type of insurance from the banks (hint: it's expensive). Buy getting term life insurance you could be cutting your insurance premiums in half.

See for yourself - visit https://mortgageinsurance.ca/advocate-1.html and run your own quotes for the big 5 banks vs term life insurance. And our just-launched website lets you purchase term life insurance fully online, 24/7. Why wait? Start saving on these substantial costs today.

Mortgage Life insurance - see how much you can save with term life insurance. Online quotes and application. Canada's mortgage life insurance experts!

11/18/2022

Bank mortgage life insurance left this guy without life insurance.....

I had a call from someone looking for solutions a while ago. He had purchased bank mortgage life insurance. Subsequently he became uninsurable, you know, stuff happens. And he was coming up to age 70, at which point the bank automatically cancels your coverage. What could I do for him? How could I continue to get him coverage?
Unfortunately, he was screwed. There was nothing I could do - the bank coverage is over, and since he was uninsurable, no new policy was possible. (note, you're in the same position if you become uninsurable and switch banks - because your bank mortgage life insurance is cancelled every time you move your mortgage).

What if he had purchased term life insurance at www.mortgageinsurance.ca? He'd actually have two options to lock in life insurance for the rest of his life - with no medical exam.

First, he could simply continue to renew his existing term life insurance policy,i.e. do absolutely nothing. The term policies we offer renew for life; premiums increase every 10 years to age 85 and at age 85 lock in level to age 100....and at age 100 the policy is paid up, so no more premiums.

Secondly, he could have used the 'conversion' option. This option is available to age 71 and lets you switch your term life policy for a permanent life insurance policy - level premiums for life. And it's done with no medical exam and premiums are based on your health class when you bought the original policy.

So if he'd have bought term life insurance at www.mortgageinsurance.ca, my solution would've been simple: Sign here, and we'll switch your term policy to a locked in level for life policy, and the premiums will be based on your health way back when you bought the original policy. No questions, no health check, no consideration - just sign. And this option is guaranteed available to you to age 71.

This is one of the things that doesn't matter until it does - then it matters ALOT. It's why every consumer advocate I've seen talk about bank mortgage life insurance doesn't just say 'get term life insurance', they are careful to clarify and say 'Renewable and convertible' term life insurance. Because renewable and convertible options are important.

(note, I'm a bit of an insurance history buff. I've got books that recommend 'renewable and convertible' term from the 80's.....David Chilton's The Wealthy Barber says this. But I've also seen documentation going back as far as the early 1900's saying the same thing - make sure your term life insurance is renewable and convertible).

Mortgage Life insurance - see how much you can save with term life insurance. Online quotes and application. Canada's mortgage life insurance experts!

11/17/2022

Post claim underwriting post 2.

If failing to pay a claim to your family after you die isn't offensive enough - check this out.

In my last post I showed you how the banks' post claim underwriting leads to your claim being denied after you die, without recourse.

But what about everyone else? All those people who survived, so most of us. We saw in my last post that there's a ton of people paying premiums who aren't actually covered for their bank mortgage life insurance. You pay those premiums for years - and you never actually had coverage! The banks pockets your premiums and never says a word. You pay life insurance premiums for your whole mortgage and never actually had coverage. that's thousands, likely 10's of thousands of dollars you've just handed to your big 5 bank over your lifetime, for absolutely nothing. And they keep it, and never say a word.

That's why you should have term life insurance through an independent agency instead of bank mortgage life insurance. Head over to mortgageinsurance.ca/compare.html and compare term life insurance features and prices (online quotes) to the banks' mortgage life insurance.

Instantly compare premiums, costs, and benefits of mortgage life insurance vs. term insurance and apply online. Find out why people are switching today.

11/17/2022

Post claim underwriting part 1:

One of the biggest problems with bank mortgage life insurance - THEY OFTEN DON"T PAY CLAIMS WHEN YOU DIE! Why? It's called "Post Claim Underwriting. "

Here's how it plays out. You go into the bank and sign a flurry of paperwork for your mortgage. The bank person says 'Do you want mortgage life insurance?". You say sure and they hand you a sheet with a dozen broad medical questions.You run down them in three seconds, nope, nope, nope, all fine. Sign, and you're done thinking that you're insured.
And here's where the post claim underwriting comes in. You think you're covered - but you may not be. In fact, it's possible that you probably aren't covered. Sure you answered the questions. Sure you're paying premiums. But not covered? Yep, it happens - a lot.

Years pass and you meet an unexpected and early demise. The bank life insurance company pulls up your application at that time - that's when they review it to see if you ever actually had life insurance coverage. That's why it's called post claim underwriting - they 'underwrite' or review your application from all those years ago, AFTER you die.

Then they pull a doctors report of your entire history, and order a bunch of other medical data. If they find something that you answered incorrectly - your claim is denied. Even if you didn't answer it deliberately wrong. Even if you thought the thing you didn't mention was inconsequential. Even if what you failed to answer correctly was unrelated to how you died.

Worse, it's been shown (see the CBC Marketplace video "In Denial") that most consumers - i.e. you - are simply unable to actually answer those bank mortgage life insurance questions properly.

That's right - if you have bank mortgage life insurance, you probably didn't answer the medical questions correctly enough to pass the underwriting review they'll do after you die. Your claim gets denied, and it's too late to do anything about it.

Basically, you never had coverage, and don't find out if you're actually insured until after your dead.

The solution? Term life insurance via an independent life insurance agent like The Term Guy. Term life insurance does a thorough medical review BEFORE you get the policy. This limits the opportunities for companies to deny coverage after you die - because they determine if you're eligible before they give you the coverage.
So if you want life insurance that actually pays out when you die, look at term life insurance instead of bank mortgage life insurance.

And you can get term life insurance online - online application, policy delivery by email - on our website www.mortgageinsurance.ca. Head over there now and get some quotes.

Mortgage Life insurance - see how much you can save with term life insurance. Online quotes and application. Canada's mortgage life insurance experts!

10/26/2022

Do you know how much you're OVERPAYING for your bank mortgage life insurance?

How about some numbers? For a Male Standard health, resident of Ontario, $500,000 of coverage here's the range of the big 5 banks vs a 20 year term life insurance policy as offered on our website:

Age 35: Banks - $65-$82
vs 20 year term: $34

Age 40: Banks - $100-$114
vs 20 year term: $50

Age 45: Banks - $144-$164
vs 20 year term: $77

Age 50: Banks - $207-$215
vs 20 year term: $131

Yeah - like in some cases, 20 year term is HALF the price of bank mortgage life insurance. Unbelievable, but true. Why?

Because nobody shops the price when they buy bank mortgage life insurance. It's presented to you as a fact in the confusion of signing your mortgage documents at the bank, and there's no time or consideration to think about 'hey, is this stuff grotesquely overpriced?'. So....the banks grotesquely overprice it and get away with it.
If you're paying those huge premiums, head over to our website where you can get an instant live quote for 20 year term life insurance - see how much you could be saving.

10/26/2022

There's literally almost no guarantees in bank mortgage life insurance.

The banks own the policy, not you.
Which means the banks can switch life insurance carriers, cease to even offer the insurance one day, change premiums, all manner of things - without your consent, even though these things can impact your coverage.
- Premiums aren't guaranteed.
- Coverage isn't guaranteed (and remember, your coverage goes down over time as you pay off the mortgage).
- Your insurability isn't guaranteed.
Like I said, almost nothing is guaranteed with bank mortgage life insurance.

Who cares?

The banks aren't going to change anything, right? Seriously, after having lived through a global pandemic, the 2008 financial crisis, and now a housing market skyrocketing then crash, nobody should suggest that just because it hasn't happened in the past, that it won't happen in the future. And if it wasn't a big deal, wouldn't the banks guarantee all that stuff?

By contrast, a term life insurance policy guarantees all of that. You own the policy and control all aspects of it.
- Premiums are guaranteed (for life with the policies at mortgage insurance.ca).
- Coverage is guaranteed level for life.
- Your insurability is guaranteed - if you become uninsurable, you can switch your term life insurance to permanent, lifetime coverage with no medical or other questions - at the same insurability you had when you bought your term policy.

10/24/2022

Here's what consumer advocates have to say about mortgage life insurance (hint: They all agree you should immediately replace your bank mortgage life insurance with a term life insurance policy from a life insurance broker).

Gail Vaz-Oxlade: "Okay people, things not to buy EVER: Mortgage life insurance"

Preet Banerjee: "Creditor insurance...is far less beneficial than a private insurance policy."

CBC Marketplace: "The bottom line before you sign.....consider using a licensed insurance broker."

The National (John Lawford, Public Interest Advocacy Centre): "It's expensive, it doesn't cover a lot of situations and it pays out a very small amount most of the time."

Again and again, whenever a disinterested third party looks at banks' mortgage life insurance, they urge Canadians to switch to a renewable and convertible term life insurance policy with a licensed insurance broker. If you have mortgage life insurance through your bank, switch now!

10/24/2022

If you have bank mortgage life insurance and you become uninsurable, you're screwed.

If you take out mortgage life insurance with the bank and become uninsurable, when you renegotiate your mortgage, you'll be up for a new life insurance application as well. Which of course, you can't qualify for - you're now out of life insurance. Same thing if you become uninsurable and switch mortgage companies. Or pretty much anything that changes your mortgage (which most of us do many times over the course of our mortgage).

By contrast, the term life insurance that we offer has premiums that are guaranteed renewable for life - you know what the premiums are for your entire life when you get the policy.

And further, these term life insurance policies have a feature called conversion. This option lets you switch your term policy to a permanent, lifetime level-premium policy with no medical exams or questions. Uninsurable with a term life insurance policy that has the conversion option? One signature and you can swap your term life insurance coverage for level premiums for life - even if you've had cancer, a heart attack, stroke, or anything else.

None of this matters until it does. Then it matters ALOT. I've spoken to Canadians that have mortgage life insurance that became uninsurable - and had no solution to offer them unfortunately. If they would've switched their bank mortgage life insurance to a term life insurance policy, my response is simple: one signature and we'll get you a permanent lifetime policy, no questions asked.

Send a message to learn more

10/24/2022

Bank Mortgage Life Insurance may not pay off your mortgage!

Lets say you take out a $1,000,000 mortgage but the maximum bank mortgage life insurance that they allow is $600,000. So you're only covered for $600,000 - everyone gets that.

Now you pay your mortgage down to $600,000. How much does your bank mortgage life insurance now cover if you die? NOT $600,000 - but only $360,000. Your beneficiaries are still left with $240,000 on the mortgage. That's because banks' mortgage life insurance keeps the percentage of coverage consistent - as you pay off your mortgage, the percentage covers stays the same, not the maximum amount.

By contrast, a term life insurance policy would enable you to actually get a $1,000,000 policy (or higher if necessary), and the $1,000,000 coverage remains level. When you pay your mortgage down to $600,000, you still have $1,000,000 of life insurance coverage.