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.
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:
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:
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
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