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Best Way to Buy Mortgage Insurance

December 30, 2016Blog, Families, InsuranceFinancial Tech Tools

 

Before buying insurance from your bank to cover your mortgage, please consider your options.

What does the insurance cover?

  • From the bank: only the balance of your mortgage
  • From us: whatever you need it to cover such as debts, line of credit

What happens as my mortgage balance decreases?

  • From the bank: the coverage amount decreases as your balance decreases.
  • From us: the coverage stays the same for as long as you own your policy

What if I switch banks?

  • From the bank: You might lose your coverage and need to reapply
  • From us: Your coverage stays the same, since it’s not tied to your mortgage

Who gets the benefit if I die?

  • From the bank: The Bank
  • From us: You decide who gets the insurance and how to use it, such as to pay your mortgage, medical expenses or child’s education- whatever is best for your family

 

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs
  • Federal Budget 2023 Highlights
  • Ontario 2023 Budget Highlights
  • British Columbia 2023 Budget Highlights
  • TFSA versus RRSP – What you need to know to make the most of them in 2023

About

We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.

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