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Mortgage Life Insurance Canada

Ten Star is a Managing General Life Insurance Agency (MGA); therefore your independent Ten Star life insurance agent can shop the market and SAVE YOU MONEY.

Financial institutions providing mortgages sell mortgage life insurance and critical illness insurance.  It is better you purchase the insurance than have no insurance.

There is a risk to you, as many reduce their costs by underwriting (checking your health records and driving history) at time of claim.  This means they could deny paying the claim if material information was not provided at time of purchase.

You can purchase a policy through Ten Star without concern and SAVE MONEY.  Review video of Life Insurance Calculator on our website.

Mortgage insurance sold through banks is joint-first-to-die insurance, and covers both spouses.  With a joint-first-to-die policy, if a spouse dies the policy pays the death claim, equal to the decreasing mortgage balance.  The surviving spouse will have no insurance thereafter.

If you had purchased two separate policies with a discounted premium, the survivor will be able to continue their individual policy.  If both spouses die in an auto accident, the mortgage insurance (joint-first-to-die) will pay once.  With two separate policies, double the death benefit would be paid.

Usually, mortgage payments include the mortgage insurance premium.  If one spouse develops cancer and is unable to work, you may be behind in your mortgage payment when the spouse with cancer dies, and therefore no insurance is paid.  The mortgage will not be paid off!  This has happened to many people.  You should not expose yourself and your family to this risk!

If the mortgage insurance were separate from your mortgage payment, then it would have been affordable and the coverage would have been there when it was needed.  Two separate individual life insurance policies with a spouse discount are less expensive than mortgage insurance (joint-first-to-die insurance).  Additional savings are available if you include this coverage with family protection insurance – review video of Life Insurance Calculator on our website, and then shop the market for low cost life insurance and SAVE MONEY.