The learning room
Less jargon. More peace of mind.
The questions worth asking before you choose protection. Written and reviewed by a licensed Ontario advisor.
01 / The basics
What the bank's mortgage insurance actually is
The coverage a lender offers with a mortgage is optional creditor insurance: a group policy the lender owns, where the lender is the beneficiary and the payout falls as you pay the mortgage down.
Get the straight answer02 / What it costs
How term life insurance prices are set in Canada
A Canadian insurer prices term life insurance by running your application through underwriting, which weighs your age, your sex, your health and medical history, whether you use nicotine, how much coverage you want and how long you want it for.
Get the straight answer03 / How much and how long
How much coverage a mortgage really needs
Start with the mortgage balance, then add the costs that continue after it is cleared, subtract what you already have, and round to a number your household could live on for the years that matter most.
Get the straight answer04 / How much and how long
20, 25 or 30 years: choosing a term that fits your mortgage
Match the insurance term to your amortization period and to the years your children are at home, not to the two to five year mortgage term you renew with your lender.
Get the straight answer05 / Applying and after
Medical questions, what approved means, and why timing matters
Applying for an individually owned policy means answering health questions in full, sometimes with a nurse visit or a doctor's report, and the insurer's decision on coverage, exclusions and price is made before the policy is issued rather than after a claim.
Get the straight answer06 / Applying and after
Naming a beneficiary so the money reaches your family
On a policy you own, you name the beneficiary and can name more than one, and the insurer divides the death benefit among them; on the lender's optional mortgage insurance the lender is the beneficiary and the money is applied to the balance.
Get the straight answer07 / Applying and after
Your coverage at renewal, refinance, or when you move
Coverage arranged around a mortgage is written for that mortgage, so switching lenders, refinancing or selling can end it and leave you uncovered; a policy you own is a contract in your name and is unaffected by any of those events.
Get the straight answer08 / How much and how long
Critical illness insurance alongside your mortgage
Critical illness insurance usually pays a one-time lump sum if you are diagnosed with a covered condition such as cancer, a heart attack or a stroke, and because you decide what it is spent on, it can carry the mortgage through months when income drops.
Get the straight answer
A little clarity.
A lot of calm.
Know your options. Protect what makes your house a home.