Financial Security/Money

Mortgage Insurance: Before Signing, Ask These 6 Questions

mortgage insurance

Most financial institutions offer their own mortgage insurance. However, you are under no obligation to purchase coverage from the lender. In fact, it’s definitely in your interest to compare the different options available before signing. Here are the questions you should absolutely ask before choosing your mortgage insurance:

1. Can the mortgage insurance also cover my personal loan and line of credit?

2. Will I be the owner of the insurance?

3. What is the exact amount that I will have to pay in premiums?

4. Can I designate a beneficiary in the event of my death? If so, can my beneficiary use the amount as desired?

5. If I change financial institutions, will I still be covered?

6. If I prepay my loan before the end of the term, can I convert the insurance to another product?

Probably the best question to ask yourself is this: Isn’t the cost of mortgage worth the peace of mind it provides? We never know what life has in store for us.

Note: This article is intended for information purposes only and should not be construed as legal, financial, tax or other advice. The circumstances or factors may vary depending on your individual situation. Before taking action, we encourage you to consult a professional. La Capitale Civil Service Insurer or La Capitale Insurance and Financial Services shall not be held liable for any consequences arising from any decision taken based on the content presented in this article.

Are you a new homeowner?

Discover our mortgage insurance!

Find out more


Click on a tab to select how you'd like to leave your comment

Leave a Reply

ten − nine =

Related articles
Mortgage Insurance: What Are Your Options?
mortgage insurance

Protecting your investment with mortgage insurance is a no brainer. Our breakdown of available options will help you...

6 Myths About the Registered Retirement Savings Plan
6 myths about the Registered Retirement Savings Plan

Given the amount of information we read each week, it’s easy to become overwhelmed and have trouble separating fact...

PPMP: The 5 Main Changes to the Plan
PPMP: the 5 main changes to the plan

The Quebec government’s Bill 126 concerning the PPMP was passed on May 11, 2017. See what are the changes and how...