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#1 Mortgage Insurance Hack - Banks don't want you to know!

I’m happy to announce that the numbers are in for the year 2021….. drum roll please……… 92 …….. was the magic number in 2021!


I helped 92 Quebec families:

  • Learn the importance (and often overlooked) differences between *bank mortgage life insurance versus individually owned life insurance

  • Personalize reports to their specific needs

  • Help choose the best options for them

  • Implement tailored solutions to strengthen their insurance coverage


*Bank mortgage life insurance is not CMHC mortgage default insurance, which is the insurance that pays out if you default on your mortgage.

Bank mortgage life insurance is an insurance that pays out to the bank, if the loan holder dies while they are carry a debt to the bank


Well if you’ve heard me say it once, you’ve heard me say it a thousand times - They don’t teach this stuff in school!


WHY is this number important? because all the families I’ve helped now have real peace of mind. Prior to working with me, each family owned Bank mortgage life insurance, without realizing what it was and how little it protected them.

  • And today, they all benefit from the value of a comprehensive life insurance plan, tailored to their needs and budget


Here’s how the two type of insurance stack up against each other:


1. Bank Mortgage life insurance - what’s not to like about bank?


1. What are you really covered for? Your spouse or family can find out when they file a claim, that you weren’t eligible for coverage because of an underlying health issue


2. Cost Bank mortgage life insurance premiums will increase in cost when you renew your policy (so if you signed a 3 or 5 year mortgage, expect a surprise when you go back to the bank!)


3. Declining Benefit, Increasing cost – wait what? Yup, the payout from mortgage protection insurance shrinks along with your mortgage – see how over time your coverage amount is declining (blue) however you are paying more, for less coverage (RED)??



4. Who benefits from the insurance? Your bank, not your family, pockets the payout – remember banks are there to make money and protect their interests, not yours!



So why does anyone get bank mortgage life insurance?

  • Education & Research - Many homebuyers, especially those buying their first home, haven’t done enough research to know what they’re getting into

  • Lost in the paper work - Generally, the way it’s offered to homebuyers is when they are signing a whole bunch of mortgage paperwork, bored and staring at the wall of the bankers office, the bank proposes adding mortgage protection insurance. For most people, it’s a five-second decision.

  • The cost of this insurance is often bundled into the mortgage payment….meaning that for most people, they don’t even notice it until they review their mortgage statement (sometimes years later)


2. Life insurance with a leading Canadian insurance carrier - saves money and gives you better coverage!

1. Insurance companies are specialized in insurance products and they request a health evaluation at the time you apply, not when your grieving family is trying to make a claim


2. Payout remains the same. With life insurance, your payout remains the same through the term of the policy and the money comes with no strings attached

Check out this example, if you have a $500,000 mortgage and bought your own policy for the same amount, your beneficiaries would receive $500,000 even if you had paid down your mortgage over 15 years, by the time the claim is filed.



3. Lower cost. The cost of life insurance is generally much cheaper, for more comprehensive coverage


4. You choose who receives the benefit by naming your beneficiary


5. Longer coverage. Choose to keep your insurance, long after your mortgage is paid off or benefit from flexible life insurance plans that keep up with changing mortgage plans




I’ve got solutions that educate and empower!


I am happy to announce that as of April 1st 2022, I’ve rolled out a dedicated program specifically designed to tackle bank mortgage life insurance. With the goal of :

  • Continuing to educate the community by helping 2 families a week, learn one of the many valuable benefits of life insurance and strengthening their very own coverage


The program is designed to:


  • Drive consumer awareness by highlighting key difference between bank mortgage life insurance and individually owned life insurance


  • Use interactive tools to determine how much life insurance someone needs


  • Present a market report of available options to strengthen coverage and lower costs


  • Help clients implement life insurance



Here are 2 ways you or someone you know can take advantage of our program


  1. 100% online – If you prefer meeting virtually, at a time that is 110% convenient for you, choose this link to Reserve a time to review your insurance


2. Do-it-Yourself – If you prefer learning, evaluating your choices and making purchases without help, click this link

Bank mortgage Life Insurance VS Life Insurance

You will be able to:

  1. Review a real-life case to see how the two insurance stack up against one another in real life

  2. Your in the driver's seat – be ready to receive an email and start evaluating your own life insurance needs today! You decide how much coverage you want

  3. Receive your complimentary analysis report – This will include the 5 lowest cost quotes selected from over 20 insurance Canadian Insurance companies

  4. Choose the best option for you

  5. Apply for your coverage today!



I look forward to helping you strengthen your financial well-being!


-Jack