The Mortgage Group^®

Term Life Insurance

Term life insurance is the most popular form of mortgage life insurance selected by Canadian homeowners. Term life protects one's home and covers other major financial obligations for terms specified by the insurance policyholder.

Term life insurance is intended to cover policyholder's short-term financial obligations, such as outstanding loans, children's tuition, income for dependent family members, and mortgage payments. Policies can be taken out for the amount of time in which these items are relevant.

Term life insurance offers both the assets and convenience of renewability and convertibility. Policies can be extended as the policyholder sees fit, or adapted to include new coverage as new assets are attained and financial obligations are made. Even if the policyholder's health deteriorates, or they become critically ill, their term life policy can still be renewed. Other life insurance products are restrictively more inhibiting and expensive under these circumstances. Term life insurance will ensure that the policyholder's loved ones do not have to face the stress and financial worry of making payments on large, and valued financial commitments during a difficult time.

Term life insurance allows the policyholder to name their own beneficiary, meaning that your mortgage will not be tied the entire amortization length to the original lender. Your term life insurance policy will travel alongside your mortgage should it be renewed or refinanced with an alternate lender.

Term life insurance may also be converted into a permanent life insurance policy, such as a permanent T100, or into a whole life insurance or universal life insurance policy that also offers tax-advantaged investment components.

When deducing the best way to protect your home and mortgage, term life insurance is a viable, flexible option. Term life insurance can be selected in terms to coincide with your retirement, ensuring that your income is guaranteed and family is protected in the event that something should happen to you.

When selecting the right term life insurance coverage to meet your needs, an insurance broker with access to many Canadian providers should be sought. A non-affiliated insurance broker or agent will scout the Canadian insurance market for you, and provide you with the best options available.