These days, many of us are trying to find ways to keep a handle on our finances. If you want to keep track of what you’re spending and saving each month, building a budget is a great way to start!
How to get mortgage protection that protects you better for less money
Your home is likely the biggest purchase you’ll ever make, and you literally build your and your family’s life around it. And with the recent financial climate - increased interest rates and a bit of a volatile market - you’re wondering how you’re going to protect the life you’ve created.
Your standard mortgage protection does just that: it protects your mortgage. And that’s it. At Prospr by Sun Life we help protect your mortgage, and your loved ones in case of death. This is where Prospr comes in, with better mortgage protection for you and your family, likely at a lower cost than what you have now with mortgage insurance.
What our mortgage protection insurance offers vs. your traditional bank
When you received your mortgage through your bank, you were likely offered mortgage insurance through them as well, without knowing what else was out there before you signed on the dotted line.
These are the main differences between Prospr and a bank or your average lender:
| Sun Life Term Life Insurance | Mortgage Insurance through a bank or lender | |
|---|---|---|
| Can it help cover your mortgage? | Yes | Yes |
| Can it help cover other expenses apart from the mortgage? | Yes | No, the bank or mortgage lender gets the money. |
| Do you get to choose who gets the death benefit?* | Yes | No, the bank or mortgage lender gets the money. |
| Does the amount of coverage decrease as you pay off your mortgage? | No, the coverage amount stays the same as you pay down the mortgage | Yes, your coverage decreases. |
| Will you lose coverage if you change mortgage lenders? | No, because this insurance isn't tied to your mortgage. | You may lose coverage and have to reapply. |
| How can you apply? | Get a quote online. Talk to an advisor. |
Check with your bank or mortgage lender. |
At a lower cost1, term life insurance can cover you for so much more than your bank or lender’s creditor protection can! For things like:
- Your mortgage payments
- Any debts outstanding
- Childcare costs
- Living expenses
Life insurance simply does more for less money
On top of covering more than your mortgage in the event that you pass away, life insurance offers you flexibility and peace of mind, period. You can:
- Choose your own beneficiary, on your own terms, and decide who receives your death benefits
- Give your beneficiaries the freedom to use that money how they’d like
- Leave your loved ones secure and settled in case anything happens to you
- Maintain your coverage no matter what your home status is: if you buy another home, sell yours, or decide to run off to the countryside
More protection, less stress. It’s as simple as that—and our advisors are here for you every step of the way so you get the protection that will help you Prospr.
1 :based on average expected premiums for 35 year old non smoking male over a 25 year mortgage, rates may vary
