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Life insurance offered through insurance companies |
Mortgage (life) insurance offered through Banks |
insurance companies |
Banks |
Coverage |
Level coverage. Only decreases if you say so |
Coverage decreases as your mortgage is paid off. But premiums stay the same |
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Term |
10- or 20 - years renewable term or permanent insurance |
Insurance coverage ends with your mortgage |
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Beneficiary |
Anyone one you choose |
Your bank |
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How Benefit is used |
Your beneficiaries decide how to use the funds |
Paid directly to the bank |
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Portability |
Your insurance stays with you no matter where you live or where you get financing |
Your insurance can be cancelled if you move or even if you refinance |
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PST |
None |
Payable in Ontario |
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Professional Advice |
Personalized advice from a licensed life insurance advisor to address your financial needs |
Typically advice is limited to the mortgage insurance product only |
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Mortgage