Don’t let bank mortgage insurance leave your family short. Private mortgage life insurance is almost always better value — and usually cheaper.
Most Canadians don’t realize how much better private insurance is compared to what the bank offers at closing.
| Feature | Bank Mortgage Insurance | Private Life Insurance |
|---|---|---|
| Who gets the payout? | The bank | Your family |
| Coverage over time | Decreases as mortgage paid off | Stays level — full amount always |
| Portability | Tied to that bank/mortgage | Portable — stays with you |
| Medical review | At time of claim (may be denied) | At application — no surprises |
| Cost | Usually higher | Usually lower |