Know How to Use Life Insurance on Mortgage—Ask an Insurance Broker

The convenience that Toronto mortgage insurance offered by banks/lending institutions comes with a cost. For one thing, it’s typically more expensive than life insurance. Sometimes quite a bit more. Plus, while your premium remains the same as long as you’re insured, the potential pay out diminishes as you near the end of your mortgage. In addition to that, your policy must be renewed every time you renew your mortgage or switch lenders.

The most concerning thing about creditor insurance offered by your lender is these polices, are not technically approved and will only be underwritten (approved or declined) after there has been a death.

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