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August 2, 2022

Forget Mortgage Insurance – Protect Your Everything With Life Insurance

Buying a home has always been a big step – but in today’s market, it can feel like the commitment of a lifetime. And with a mortgage that typically takes about 25 years to pay off, it certainly is a long-term investment.

But, you’re a smart cookie. We know you did all the calculations and factored your mortgage into your monthly budget before you even bought your home, right? You made sure your mortgage payments didn’t exceed 30% of your household income and that you still had enough to spare for savings, unexpected expenses, and – yes – fun. Good job!

But… (Yes, there’s a but…)

Not to be a Debbie Downer, but here’s a very important question you may have never considered: What if you or your spouse were to die unexpectedly before your home is paid off? Could you afford the mortgage on a single income?

For the average Canadian, the short (and scary) answer is no.

The good news is, we aren’t trying to scare you – on the contrary, we wanted to let you in on a little secret that far too many homeowners are unaware of.

The right life insurance can act as income replacement in the event of a main wage earner’s death, meaning your mortgage could still be covered and your family could stay in the community they know and the home they love. Without going into debt.

”But I already have mortgage insurance.”

Here’s the thing: The mortgage insurance you purchased when you first bought your home protects the financial institution that provided you with the mortgage – not you and certainly not your loved ones.

Term life insurance, on the other hand, was designed to protect the ones who matter most to you. (And we’re guessing it’s not the financial institution.)

For the many other ways that term life insurance is a preferable option to mortgage insurance, take a moment to read through the table below. You may be surprised at what you learn!

Table comparing term life insurance to mortgage insurance

Ready to protect your mortgage, your home, and the people who matter most? It may be time to consider term life insurance.

Book a FREE Needs Analysis today to learn more about the affordable, flexible option that most homeowners don’t really know about. Get started.

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