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1. May 11, 2015
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Your mortgage or your life
Your family loves your home – it is the centre of your life together, after all – but that mortgage!
You can handle it. You did your due diligence and you know it’s affordable and that, some day,
it will be paid off … unless: What would happen if you die? Will your family be able to pay off
that monster debt?
Of course, you want your family to be able to stay in their home no matter what happens to you.
The obvious answer is mortgage life insurance. And the most obvious source of mortgage
insurance is your lending institution – but before you say yes to lender provided mortgage life
insurance, consider this: You could find yourself locked into life insurance that does more to
protect your lender than you. A better solution – a solution that offers you and your loved ones
better guarantees, usually at a lower cost -- is a personal life insurance plan that insures you.
Here’s why …
Lender Mortgage Life Insurance Plan Personal Life Insurance Plan
Lender is the owner of the policy. You own the policy and designate the
beneficiary.
Pays benefits to the lender. Pays benefits directly to your designated
beneficiary.
Coverage expires when the mortgage is paid
off.
Coverage continues after the mortgage is
paid.
Pays out only the amount owing on the
mortgage at the time of claim. Total value of
coverage decreases with mortgage balance.
Pays the total life insurance coverage amount
and the total coverage remains stable for the
coverage period.
Premiums can be adjusted by the lender at
any time.
Premium schedule is guaranteed for the life of
the plan.
Lender can change or cancel the policy at any
time.
Only you can cancel or make changes to the
plan when premiums are kept up to date.
Policy cannot be moved to a new mortgage, a
renewal or a new lender.
Plan goes with you from one home to another,
one mortgage to the next.
Your premiums are based on your age and
minimal health information. At time of claim,
accuracy of answers to medical questions may
be examined.
Your premiums are based on your age, health
and smoking status.
There’s no doubt about it: Insurance to cover your mortgage is an absolute necessity to protect
your home and family. Your professional advisor can make sure you get the protection that is
tailored to you, not your lender and is a perfect fit with your overall financial plan.
This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial Services
Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning) presents general information

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only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your
circumstances. For more information on this topic please contact your Investors Group Consultant.