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

Prospr by Sun Life™ is a business division and trade name of Sun Life Financial Distributors (Canada) Inc. and Sun Life Financial Investment Services (Canada) Inc. Insurance products are distributed through Sun Life Financial Distributors (Canada) Inc. Mutual funds are distributed through Sun Life Financial Investment Services (Canada) Inc.  

Prospr by Sun Life™ is a trademark of Sun Life Assurance Company of Canada. © Sun Life Assurance Company of Canada.  All rights reserved. 

© Sun Life Assurance Company of Canada. All rights reserved.