If you've ever bought a home, you've probably been there: you meet with a lender to sign your mortgage documents and he or she offers you mortgage protection insurance. It can be as simple as ticking off a box and signing on the dotted line to accept the premiums and insure you and your family against death, disability or other catastrophic event that might leave you unable to make your mortgage payments.
But are those premiums competitive? How much will you pay annually for what type of coverage; and what is written in the fine print?
Lending institutions ancillary mortgage products are not the only ones on the market. Independent insurance companies also offer varying types of mortgage protection that can save consumers hundreds of dollars annually.
This month, CENTUM announced an arrangement with Benesure Canada Inc., to make its Mortgage Protection Plan coverage available through participating CENTUM mortgage broker offices and franchises. The plan was first made available to clients of Canadian mortgage brokers in 1995 – today it insures more than 160,000 Canadians.
Says Paul Therien, Director of Business Development for CENTUM, “Mortgage protection is an extremely important part of every transaction and warrants an ongoing review of the best products out there. Based on what we think is the best fit for CENTUM and our clients, we chose Mortgage Protection Plan to recommend to our people.”
Whichever mortgage insurance plan you select, it’s good to know that even with mortgage protection insurance, there is competition. There is nothing stopping you from shopping around for the best mortgage protection for you with the most affordable premiums - the same as you would for any product.