Cover My Mortgage is a custom-tailored digital solution with advice delivered to you
by a licensed professional.
Cover My Mortgage leads the way by combining professional advice through a digital
solution to Canadian families so that mortgage insurance can be secured in a quick and
efficient way.
1. Qualification (underwriting) conducted at the end, time of claim – jeopardizes possible pay out
2. Non-licensed representative advises you
3. Coverage decreases as the mortgage decreases
4. Coverage limited to the amount and term of the mortgage
5. Coverage linked directly to lender and terminates when you change lenders, causing you to re-apply and re-qualify
6. Premium linked to lender’s group rate which can change if the group’s experience changes
7. Your insurance is no longer in force when your mortgage agreement ends
8. The group policy can be terminated by the insurer at any time
9. Lender is the beneficiary of the funds; funds go directly to lender
10. The bank/lender is the policy owner
1. Qualification (underwriting) conducted up front, at time of application – securing pay out
2. Licensed professional who specializes in insurance advises you
3. Coverage amount remains constant even as mortgage decreases
4. Coverage can be customized to incorporate needs outside of the mortgage i.e., other debt, income replacement, education expenses, final expenses etc.
5. Personal coverage remains if you change lenders, change the mortgage, or buy another home
6. Premiums are locked-in and guaranteed
7. Your policy is guaranteed renewable and convertible upon term completion
8. Your coverage is based on an individual basis and is guaranteed
9. You designate the beneficiary and can determine and control who receives insurance proceeds
10. You are the policy owners
