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Mortgage Insurance

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Ontario Mortgage Insurance – Talk to an Agent

Most lending institutions offer mortgage life insurance as a part of their mortgage packaging. But look carefully before you sign on the dotted line. You could find yourself locked into insurance that does more to protect your lender than you.

A personal life insurance policy doesn’t insure your mortgage – it insures you. After all, you’re the one making the mortgage payments. Mortgage life insurance from lending institutions may leave you with fewer options if your health changes or you become uninsurable. Additionally, mortgage life insurance usually covers the exact amount of the mortgage. Your coverage decreases as the mortgage is paid down.

Term Life Insurance vs. Mortgage Insurance

Term Life Insurance

  • You purchase an individual policy
  • You own the policy and have complete control over it
  • You have a premium rate that is guaranteed in advance, the company cannot change it
  • You may purchase any amount of coverage that will never decrease over the Term of the coverage
  • The insurance company cannot cancel your insurance if the premiums are paid only you can
  • Your individual policy is fully portable, it is not connected to your mortgage
  • You decide who your beneficiary is and they will receive the proceeds of your policy
  • You are buying the coverage from a licensed broker of agent who has been trained to understand the product and how to integrate that with your needs

Bank/Mortgage Insurance

  • The coverage is under a group policy
  • The bank owns the policy, you have no control over it
  • The group policy premium can be changed if the company decides to raise premiums
  • The coverage is for the outstanding amount of the debt, as your mortgage reduces, your insurance decreases
  • The policy can be cancelled by the bank or by the issuing company with notice to the insured
  • The coverage will terminate if you re-finance your mortgage or if you sell your house
  • The bank is your beneficiary and the death benefits is automatically used to pay off the mortgage
  • You are buying from a bank employee who may not understand what is in your best interest or the other options available

What Our Customers Are Saying

Samantha Lewis

I have been with McDougall for a few years now. Whenever I have a question or concern, I call Mike Cunha (my broker) and he is always available via email or phone. He is very responsive and completely answers all of my questions with ease. Great followup and rates. I definitely would and have referred my friends, family and co workers to Mike / McDougall. Thanks Mike!

Linsey Gorusa

A great company with wonderful staff. We have our auto and home insurance through McDougalls. Their customer service is always excellent. I highly recommend seeing what they can find for you!

Freska Jo

I can not say enough about this brokerage. The staff are professional, courteous and go above and beyond any other institution I have dealt with. When it comes to my home, auto and rental property coverage I know that McDougall has me covered and will save me money in the process. Highly recommend this brokerage.

Jason Watt

This will be my second year having trailer insurance through McDougall and having Mike Cuhna as my sales representative. I am very pleased with Mike’s professionalism and his personal drive to make sure I pay the best rate possible.


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