Mortgage Insurance
Why do I need Mortgage Insurance?
Mortgage protection insurance is designed to safeguard your home by covering your mortgage in times of crisis. In the event of death, it pays off the remaining balance. If you're diagnosed with a critical illness, it pays a portion of the mortgage. Should disability strike, it covers your monthly payments—ensuring your family’s home remains secure no matter what life brings.
Mortgage Insurance Benefits
Mortgage insurance is a policy designed to pay off the remaining balance of your mortgage in the event of your passing, ensuring your family is not burdened with financial strain.
Insurance With Paul’s Insurance Vs. Insurance With a Bank
| When You Insure with US | When You Insure with a BANK | |
|---|---|---|
| Ownership | You own and control the policy. | The bank owns the policy. |
| Amount of Coverage | Coverage never decreases. | Coverage decreases as your mortgage decreases. |
| Payment/Premium | Payments remain the same. | Payments can change if you change bank for Mortgage. |
| Insurance Portability | Refinancing your mortgage has no impact on your coverage. | Refinancing your mortgage may terminate your coverage. |
| Flexibility | You can use your insurance for different purposes. | This will just pay off your mortgage balance. |
| Convertibility | Regardless of your health, you can convert the term to whole life insurance without a medical exam, subject to contain conditions. | It will not convertible to any other policy |
| Beneficiary | You choose the beneficiary, and they receive the proceeds upon your death. | The bank is the beneficiary and you don’t have any choice. |
Find the Right Mortgage Insurance with Paul’s Insurance
Before signing a mortgage insurance policy with a bank, schedule a free, no-obligation consultation with Pau’s Insurance. As a leading mortgage insurance advisor in Ontario, we will help you understand your options and choose a policy that offers comprehensive coverage tailored to your needs.
Our Services
Auto Insurance
Protect your vehicle with comprehensive, collision, and liability coverage at competitive rates.
Mortgage Protection
Insurance
Protect yourself and your family—not just your lender, with a mortgage insurance plan.
Critical Illness & Disability
Insurance
Cover your financial commitments and get peace of mind when you need it the most.
Life Insurance
Secure your future with personalized plans for term, permanent, funeral, and universal life insurance.
Travel Insurance
Get travel insurance for medical emergencies, cancellations, lost baggage, and more.
Business Liability & Employee
Benefits Insurance
Safeguard your business with tailored business liability & employee insurance solutions.
Investment Advise
Plan your financial future with tailored investment strategies that help double your income.
Insurance Advisor at Paul's Insurance provides Mortgage Insurance services to clients across Guelph, Cambridge, Kitchener, Waterloo, Brampton, Mississauga, Toronto, Milton, Brantford, Vaughan, Ajax, Pickering, Windsor, London and the Greater Toronto Area.