Mortgage insurance policy in Canada provides security by ensuring your mortgage is paid off if you pass away or cannot work due to an accident and/or sickness, offering peace of mind for your family. However, taking it with your mortgage causes the payout amount to decrease as you pay down your mortgage, premiums are typically not guaranteed, the benefit goes directly to the lender as they are the beneficiaries, not your family, and you cannot transfer your insurance policy to another institution because the bank is the owner of your policy.

Considering a home loan mortgage insurance in Canada independent from your mortgage institution gives you the benefit of being the owner of your policy, naming a beneficiary of your choice, and can potentially save you a lot of money. Moreover, if you're looking for additional coverage options, funeral expense insurance for seniors in Canada can help alleviate financial stress during difficult times. For business owners, protecting your company with the best key person insurance in Canada ensures financial stability in case of unforeseen circumstances.