{"id":5677,"date":"2021-02-03T10:00:37","date_gmt":"2021-02-03T15:00:37","guid":{"rendered":"https:\/\/termlite.ca\/?p=5469"},"modified":"2025-11-20T02:20:45","modified_gmt":"2025-11-20T07:20:45","slug":"using-term-life-insurance-to-help-protect-your-mortgage","status":"publish","type":"post","link":"https:\/\/cms2.dmatrixsoft.com\/termlite\/using-term-life-insurance-to-help-protect-your-mortgage\/","title":{"rendered":"Using term life insurance to help protect your mortgage"},"content":{"rendered":"

Most Canadians wish to own a house.<\/span><\/p>\n

After all, it symbolizes stability, safety, and the opportunity of building a happy and stable life.<\/span>
\n<\/span>Further than that, owning a home can also be a cornerstone of your family\u2019s financial future since it is a substantial asset that is prompt to grow in value. <\/span>Homeowners need a way to protect their mortgage from falling to their partner or a co-signer if they are no longer around. What many homeowners don't know is life insurance and your mortgage can go hand in hand - making the right plan essential to protecting your loved ones from inheriting a large debt after you're gone.<\/span><\/p>\n

According to the Bank<\/a><\/span> of <\/span>Canada<\/span><\/a>, Canadians owe about <\/span>$2.17 trillion in household debt<\/b>, and more than 70% of that is residential mortgage debt. As it shows, sometimes it is hard to meet the financial responsibilities of owning a home.\u00a0<\/span><\/p>\n

Now imagine how hard it could get if something happens to the family\u2019s breadwinner.\u00a0<\/span><\/p>\n

Why term life insurance is a better value than your lender's insurance<\/b><\/h2>\n

When you buy a term life insurance policy, you get to choose a coverage amount and term length that meets your needs. Commonly, these terms start at five years and can go up to 30 years - or more. If mortgage protection is your primary goal, pick a coverage amount that would pay off your mortgage and a term length that is at least as long as your home loan.<\/span><\/p>\n

But for most families, there\u2019s more financial protection needed than merely an amount that covers your mortgage payment. You should consider income replacement for both spouses, day-to-day bills, and the cost of childcare and your children\u2019s education\u2026 to name a few of our many financial responsibilities. When it comes to your mortgage and other day-to-day expenses, the right life insurance plan can be the perfect safety net for your loved ones.<\/span><\/p>\n

The benefits of our term life insurance plans<\/b><\/h2>\n