Mortgage Protection You Actually Control
Don’t settle for your bank’s declining coverage. Get portable, flexible life insurance that protects your mortgage and stays with you no matter the lender.
✓Coverage stays level. It doesn’t shrink as you pay down your mortgage.
✓You own the policy, not your bank. Fully portable.
✓Choose your beneficiary. Your family decides how to use the payout.
No obligation. Compare rates in under 2 minutes.
IMPORTANT
This is not CMHC or Bank Mortgage Insurance
Personal Mortgage Protection
Individual life insurance sized to your mortgage. Coverage stays level for the entire term. You choose the beneficiary, so your family decides how to use the payout. Fully portable: it stays with you if you switch lenders. Premiums are locked in and the value improves over time.
CMHC Insurance
Required when your down payment is under 20%. Protects the lender, not you. You pay the premium, but you get nothing if something happens.
Bank Mortgage Insurance
Offered by your bank at closing. Coverage decreases as you pay down your mortgage, but premiums stay the same. The bank is the beneficiary, not your family.
How It Works
Get a Free Quote
Use our instant quote tool or talk to a broker. Takes under 2 minutes.
Choose your Coverage
Match coverage to your mortgage balance. Pick a term length to align with your amortization.
Simple Application
Most applications are completed in one call. Some plans require no medical exam.
You're Protected
Your family gets a tax-free payout they control, not the bank.
Personal Insurance vs Bank Insurance
| Feature | Personal Insurance | Bank Mortgage Insurance |
|---|---|---|
| Coverage amount | Stays level. You choose the amount | Decreases over time |
| Beneficiary | Your family | The bank |
| Portability | Stays with you if you switch | Tied to the lender |
| Underwriting | At the time of application (secure) | At the time of claim (risky) |
| Premium | Locked in. Better value over time | Stays the same as coverage drops |
| Customization | Designed to fit your needs | One size fits all |
Frequently Asked Questions
Is this the same as the insurance my bank offers at closing?
No. Bank mortgage insurance pays the bank if you die. Personal mortgage protection pays your family a tax-free lump sum. They decide how to use it. Your coverage also stays level and is fully portable.
Can I replace my existing bank mortgage insurance?
Yes. Many clients switch to personal coverage for better value and control. We’ll make sure your new policy is in place before you cancel the bank’s.
How much coverage do I need?
Typically, you’d match your mortgage balance. Some clients add extra to cover property taxes, condo fees, or other housing costs. Your broker will help you decide.
Is this the same as CMHC insurance?
No. CMHC insurance is required when your down payment is under 20% and protects the lender against default. Mortgage protection insurance is life insurance that protects your family.
What if I refinance or switch lenders?
Your policy stays with you. It’s not tied to any specific lender or mortgage. It’s your personal life insurance policy.
Is Mortgage Protection Insurance Mandatory?
Life Insurance for your mortgage is usually optional; however it’s always recommended. Some lenders may actually require you to have life insurance in place before they will approve your mortgage. Speak with one of our Life specialists to walk you through your options.
What We Do
We offer you a range of insurance options from different carriers, each with their own prices and coverage, to find the perfect plan for you.
We provide a personal touch - from start to finish, you'll have a single point of contact, a real person who's here for you. No bouncing between multiple customer service reps.
We ensure accuracy - with online insurance calculators, it's easy to make mistakes without even realizing it. This can lead to either overpaying for coverage or being underinsured. When you work with us, you're partnering with trusted professionals you can count on.
We educate you - as licensed brokers, we meet higher standards compared to online insurance tools, banks, or direct writers.
common misunderstanding is that you'll pay extra due to the brokerage's commission. But that's not the case. We're paid by the insurance companies, not you. And rest assured, we only recommend plans that truly fit your needs.
BENEFITS & MISSION
Why Choose BrokerUnion?
The main differences between the big banks and boutique brokerage firms like us are:
1. More Options
We’re not tied to one insurance company. We shop around to find you the best rates and options.
2. We Work For You
We always act in your best interest, and your privacy is as sacred as a lawyer’s confidentiality agreement. Unlike Insurance companies that offer only their own insurance, we are not obligated to the insurance companies.
3. Experienced Team
We have the expertise to handle any situation, all while
providing the personal touch you deserve. Professionalism and friendliness are
our hallmarks.
4. Personal Relationships
We believe in sitting down and having a real
conversation with you. Your situation is unique, and you deserve a tailored
solution.
5. Education
We’re not just brokers; we’re educators. Our goal is to provide you with all the information you need to make informed decisions.
Life Insurance Made Simple
Life insurance isn’t just a financial thing; it’s a way to protect and give peace of mind to you and your loved ones. It’s like having a safety net for the future, making sure your family’s financial well-being is taken care of. Now, let’s talk about the different types of life insurance in a way that makes sense.
Term Life Insurance
Think of this as the no-nonsense, budget-friendly option. It covers you for a set period, like 10, 15, 20, or 30 years. If something happens to you during that time, your loved ones get a payout. It’s great if you want solid coverage without breaking the bank.
Advantages:
– Affordable premiums.
– You choose how long you want to be covered.
– A safety net when you need it most.
Whole Life Insurance
This one’s for the long haul. It covers you for your whole life and even builds up cash value over time. You can dip into that cash if you need it. People often use this for estate planning or as a long-term investment.
Advantages:
– Coverage for your entire life.
– Cash value that grows over time.
– It’s like a tax-deferred investment.
Universal Life Insurance
Want flexibility? This is it. You get life insurance plus an investment twist. You can change your premiums and benefits, and it builds cash value. It’s like having more control over your life insurance and your money.
Advantages:
– Flexibility with payments and benefits.
– Your savings grow in a tax-friendly way.
– You can get into some investment action.
Variable Life Insurance
Feeling a bit more adventurous? Variable life insurance lets you play the market a bit. Your benefits and cash value depend on how well your investments do. It could mean bigger returns, but yes, it comes with more risk.
Advantages:
– Potential for investment gains.
– You get to pick where your money goes.
– Like other types, it grows without the taxman knocking.
Life Insurance vs. Mortgage Insurance: A Side-by-Side Comparison
Aspect
- Coverage
- Beneficiary
- Control
- Flexibility
- Portability
- Premiums
- Payout Amount
- Investment Potential
- Tax Benefits
Life Insurance
- Provides a death benefit to beneficiaries
- Beneficiaries of your choice
- Policyholder has control over the policy
- Can be used for various financial needs
- Not tied to a specific mortgage
- Typically consistent throughout the term
- Generally more significant than mortgage insurance
- Some policies offer investment options
- Death benefits are often tax-free
Mortgage Insurance
- Pays off the remaining mortgage balance
- Typically, the lender
- Lender controls the insurance
- Specifically tied to the mortgage
- Typically tied to the property
- May increase with the mortgage balance
- Limited to the mortgage balance
- No investment component
- No special tax treatment
What Do You Need To Know?
In a nutshell, life insurance delivers broader financial protection and adaptability compared to mortgage insurance. While mortgage
insurance settles the mortgage balance, life insurance extends coverage to various expenses, ensuring long-term financial security for your family.
When deciding between the two, it’s crucial to assess your unique needs and financial objectives. Life insurance acts as a more inclusive
safety net, whereas mortgage insurance concentrates on clearing the mortgage in the event of the policyholder’s demise.
Our Happy Customers
CLIENT'S TESTIMONIAL
What Our Life Insurance Clients Say
Since getting my auto insurance with Harish Nalliah, I went to him for home and life insurances. He is very reliable, trustworthy, quickly responds to my emails/phone calls and gets the best rates. For all of your insurance needs, he is the best guy in the market!
Great insurance company, I had a very complicated scenario and Susan helped me a lot, she spent a lot of time to get me the best insurance.
Very honest, and detailed explanation of different insurances.
I had a tight deadline and she helped me through the weekend to have it done, super prompt responses.
QUESTIONS & ANSWERS
Frequently Asked Questions
What are the different types of life insurance available ?
There are several types of life insurance, including:
– Term Life Insurance: Provides coverage for a specific term (e.g., 10, 20, or 30 years).
– Whole Life Insurance: Offers lifetime coverage and includes a cash value component that grows over time.
– Universal Life Insurance: A flexible policy that combines life insurance with a savings component.
How much life insurance coverage do I need?
The amount of life insurance coverage you need depends on various factors, such as your income, financial responsibilities, debts, and future expenses. A general rule of thumb is to have coverage that is 5 to 10 times your annual income, but it’s essential to assess your specific needs with the help of a licensed insurance agent or financial advisor.
What factors affect life insurance premiums?
Life insurance premiums are influenced by factors such as:
– Age: Younger individuals generally pay lower premiums.
– Health: Better health typically leads to lower premiums.
– Smoking: Smokers often pay higher premiums compared to non-smokers.
– Coverage amount: Higher coverage amounts result in higher premiums.
Can I get life insurance with pre-existing medical conditions?
Yes, it’s possible to get life insurance with pre-existing medical conditions, but the coverage and premium rates may be affected. Some insurers may offer policies with higher premiums or exclusions for certain conditions.
How do I choose between term life and permanent life insurance?
The choice between term life and permanent life insurance depends on your financial goals and needs. Term life insurance is more affordable and suitable for temporary needs, while permanent life insurance provides lifelong coverage and a cash value component that can be accessed during your lifetime.
Is life insurance tax-free?
In general, life insurance death benefits are tax-free in Canada, including Ontario. The beneficiaries receive the death benefit amount without incurring income tax.
Can I change my life insurance policy after purchasing it?
Some life insurance policies offer flexibility and allow you to make changes or updates to your coverage over time. For example, you may be able to increase or decrease the coverage amount or add additional riders. It’s essential to review the terms and conditions of your policy and discuss any changes with your insurance provider.
Home insurance protects your house. Mortgage protection keeps your family in it.
Get an instant quote or book a free consult with a licensed broker.
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