What is mortgage protection insurance?
Owning a home is one of your biggest investments, so you'll want to protect it. But did you know there is a better, more flexible option that costs less than traditional mortgage insurance offered through a lender? Here's everything you need to know about mortgage protection insurance and why you should swap to Better Mortgage Protection.
Mortgage insurance vs mortgage protection insurance
What's the difference between traditional mortgage insurance and mortgage protection insurance? It's mortgage insurance for you, not the bank. The insurance covers your mortgage balance in the event of unforeseen circumstances, but it comes with significant advantages over standard mortgage insurance from a lender.
What are the benefits of Better Mortgage Protection?
Control
Unlike traditional mortgage insurance, which pays the balance of your mortgage directly to the lender, Better Mortgage Protection allows you to choose who your beneficiaries are. They receive the full coverage amount and can use these funds not only to cover the mortgage but to maintain their lifestyle, pay off debt, or manage other expenses—they have control over how to use the payout most effectively.
Consistency
With traditional mortgage insurance, your insurance coverage decreases as you repay your loan. But Better Mortgage Protection offers consistent coverage throughout the term of your policy. Even as your mortgage diminishes, the protection doesn't.
Portable
Life is full of changes, including moving homes or switching lenders. With Better Mortgage Protection, your policy is portable; it follows you regardless of where you move or which lender holds your mortgage. Traditional mortgage insurance can't make the same promise.
Guaranteed premiums
No one likes unpleasant surprises, especially when it comes to financial planning. With Better Mortgage Protection, your premiums will never increase for the policy term—guaranteed, which is a significant advantage over traditional mortgage insurance, where premiums can climb as you get older.
No surprises
When you apply for Better Mortgage Protection, policies are underwritten upfront, which means when it's time to make a claim, there are no surprises — you're guaranteed the benefit.
Savings that make a difference
On top of all these benefits, Better Mortgage Protection is also more affordable. It can be up to 45% less expensive than traditional options, combining better coverage and pricing.
For more information about Better Mortgage Protection, visit caaprotect.ca or call 1-800-709-5809 to speak with an advisor.