Mortgage Insurance TIP #1 - Decreasing Coverage Amounts

It’s no secret that when you sign a mortgage in Canada you have to also sign off on a Mortgage Protection Plan (MPP). This often seems like a good deal to many families. You pay a little extra every month and in the event, you or your spouse passes away your mortgage is paid off. However, you will also want to ask yourself if this is a good deal. You see, many Canadians shop for the best mortgage, why not shop for better Mortgage Insurance coverage?

One TIP that many Canadians overlook is the coverage you get through MPP is a decreasing amount of coverage. Meaning every month you pay the same amount for less and less coverage. But it doesn’t have to be this way.

When you go direct to an insurance company you get a level amount of coverage. This is very important because if something ever happened to your loved one, you would be able to pay off your mortgage and have some money left over. And the best part is, it’s the more affordable option. With most of our clients saving 40% when compared to MPP.

If you want to shop the market to find the best coverage for your own situation you can click the link below and get an instant quote.