When you’re purchasing a home in Sarnia, there’s a lot to think about—interest rates, amortization periods, down payments, and more. But one important piece that often gets overlooked during the homebuying process is mortgage life insurance.
So what is it, and do you really need it? Let’s break it down.
Mortgage life insurance is designed to pay off your mortgage balance if you pass away before the loan is fully repaid. It’s a way to protect your loved ones from the financial burden of mortgage debt during an already difficult time.
Unlike traditional life insurance, which pays a benefit to your chosen beneficiary, mortgage life insurance pays the lender directly to clear your mortgage.
In Canada, mortgage life insurance is usually offered by lenders or through third-party insurance providers. It’s optional—not required to get a mortgage—but often presented during the mortgage approval process.
Your premiums are typically added to your monthly mortgage payment, and the cost is based on factors like your age, health, and mortgage amount.
There’s no one-size-fits-all answer. It depends on your personal situation, existing coverage, and long-term financial goals. Some homeowners like the simplicity of mortgage life insurance, while others prefer the flexibility and control of traditional life insurance options.
The good news? You have choices, and we’re here to help you navigate them.
At Mortgage Wellness Sarnia, we’re not just here to get you the best mortgage—we’re here to support you through all aspects of homeownership. That includes making sure you understand your protection options.
Have questions about mortgage life insurance or want help comparing policies? Let’s chat. We’ll walk you through the pros, cons, and what makes the most sense for your unique situation.
Your home is one of the biggest investments you'll ever make—let’s make sure it’s protected.
