Protecting your family is a priority for every homeowner. Many people are confused by the difference between mortgage life insurance and term insurance. Both offer protection, but they work in very different ways.
Mortgage life insurance is often held by the lender, and the payout decreases as your mortgage balance goes down.
Term life insurance is owned by you, and the payout amount stays the same regardless of your debt.
Term insurance also allows your beneficiaries to decide how to use the money, not just pay the bank.
Not all insurance is created equal when it comes to your home.
Choosing the right protection ensures your family is taken care of if the unexpected happens. It is worth comparing your options to see which provides the best value and flexibility for your future.
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📧 alex@alexmortgages.ca
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