In this post Frank Basile from Blue Spring Financial outlines the differences between Mortgage Insurance & Life Insurance. He also shares a web-link to the Canada Life that dives deeper into the differences. If you have any questions and want to connect with Frank please send him an email at: frank@bluespringfinancial.ca
Here are the basic differences:
Mortgage life insurance covers the balance of your mortgage, which decreases as the mortgage is paid down. Personal life insurance coverage, meanwhile, typically stays the same and isn’t linked to your mortgage.
Mortgage life insurance coverage ends when your home is paid off. A personal life insurance policy is unaffected by your mortgage ending, and can keep providing you and your family with protection in the years that follow. Mortgage life insurance provided through a financial institution is typically quick and easy to arrange, and usually only requires answering a few health-related questions. Buying personal life insurance, on the other hand, typically takes longer and involves delving into your medical history.
"Click here to visit the Canada Life website for more information"
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