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Life Insurance

Life Insurance

PROTECT YOUR HOME - NOT YOUR LENDER

You’ve worked hard to find the right home. Shouldn’t you take the time to find just the right mortgage life insurance protection for you and your family?

Below are the differences in purchasing mortgage insurance through your lending institution vs purchasing coverage personally through a life insurance company.

Mortgage Insurance

  • Decreasing Benefit
    When Mortgage is paid off you have no more coverage
  • Mostly Non-Convertible
    You may have to re-qualify for coverage if mortgage is changed. If your health has changed this could be a problem
  • Lacks Flexibility
    The benefit is directly linked to the mortgage
  • Lender has Control
    If you move your mortgage you CANNOT take your policy with you. Will have to re-qualify
  • Lender is Paid first
    If you die, the benefit goes directly to the lending institution
  • Risk in Determining Pricing
    More generalized to a one-size fits all approach
  • Pay Level Premiums for Decreasing Benefit

Personally Owned Insurance

  • Level Benefit
    Coverage does not decrease as you pay down your mortgage
  • Convertible
    Even if your health changes, you can always convert your coverage without a medical
  • Very Flexible
    You select the plan that meets your financial protection needs
  • You Have Control
    Policy is not directly linked to your mortgage, so you will not need to re-qualify if mortgage is changed
  • Beneficiary is Paid First
    Beneficiary will have choice to pay more urgent expenses if need be
  • Risk is More Personalized
    Based on each individuals personal lifestyle choices and health
  • Pay Level Premium for Level Benefit

For more information on purchasing an individual Life Insurance Policy, please contact:

Kirstin Rondeau

208 Central Avenue North
Swift Current, SK, S9H 0L2
kirstin@wwsmith.ca