For most Canadians, their home will likely be the biggest purchase they’ll ever make. That’s why it’s so important to protect their investment and this Mortgage or Term Insurance infographic highlights considerations of which product may be better.
Many lenders will offer to sell mortgage insurance (life insurance on the mortgage) right at the time of settling on the mortgage. While this is convenient, term life insurance is another option to help ensure the mortgage is paid off. It’s a good idea consider which type of protection is the best fit.
How does mortgage insurance and term insurance differ?
Mortgage insurance protects the lender for the outstanding amount of the mortgage, where term insurance protects the homeowner’s beneficiaries for debt.
People often have other needs besides paying off a mortgage, like providing income for a surviving spouse, paying off other debts, or education costs for their family—all of which life insurance can cover. This Mortgage or Term Insurance infographic helps to make the decision easier.
This infographic is included in FreshPlan software and is also available as a print-ready or web-ready piece.