Life insurance helps protect your loved ones by giving them a tax-free payment if you die. You decide who gets the payment – which is whomever you name as your beneficiary – and your beneficiary can use the money however they need. That can include paying the mortgage or covering other debts and expenses. The exact amount they’ll get depends on how much coverage you buy and the type of policy you choose.
How is mortgage protection from Prospr different?
Traditional mortgage creditor insurance helps pay off your mortgage if something happens to you.
A mortgage protection solution from Prospr can offer you more. It delivers flexible coverage that meets your needs and helps protect what matters most to you. Using life insurance and critical illness insurance, it helps make sure you and your loved ones can keep making your mortgage payments.
Here's what you get
Better coverage
Unlike mortgage creditor insurance, your coverage stays the same even as you pay down your mortgage.
Flexibility
Your coverage is independent of your mortgage so it moves with you. And the money goes to you or your loved ones, not to your creditor.
Versatility
The money can cover the mortgage, other debts or even daily living expenses.
Peace of mind
Relax knowing you can count on your policy to help protect your mortgage and the people you love.
"I had creditor protection for my mortgage with the bank before I found out about Prospr s mortgage protection insurance solution. When I switched to Prospr I was able to cover me and my family ... I love it!"
- Allant, Vancouver, BC
Frequently asked questions
Critical illness insurance gives you a tax-free payment if you’re diagnosed with a covered illness like cancer, stroke, heart attack or dementia including Alzheimer’s. You can use that money for whatever you need, including mortgage payments or expenses associated with your recovery.
Affordability is a key decision factor for many people. Life insurance pricing is based on several factors, including how much you need and how much coverage you get. Typically, mortgage protection solutions from Prospr cost less than traditional mortgage creditor insurance. A Prospr advisor can help you review your budget and look at solutions that work for your needs and circumstances.
There’s a lot going on when you’re getting a mortgage and a lot of decisions you need to make. Insurance is an important part of the home buying process. The Prospr by Sun Life team works quickly and on your schedule. You can make an appointment at a time that works for you, and you can meet with them over Zoom or by phone, whichever you prefer. The process is quick. It takes about 20-25 minutes to complete an application and your Prospr advisor will explain any follow-up or additional meetings from there. And with payment, you may be covered for your life insurance at the time you submit your application through the interim insurance provision. One less thing to worry about!
Your life insurance coverage can start as soon as you apply. Your coverage will last for the time period you choose – 10, 20 or 30 years, or even your whole life. If you apply for critical illness insurance, your coverage will start once your application is approved. Your coverage will last for the time period you choose. You can get coverage for 10 years, to age 75 or even to age 100. There are also options that allow you to cancel your policy at specific times and get some of your money back.
Protect what matters most
Book your free appointment with a Prospr advisor today to explore our mortgage protection solutions. You can call us at 1-888-222-7957, Monday to Friday, 8 a.m. to 8 p.m. across Canada, or book an appointment online:
