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5 things you need to know about mortgage insurance 

If you want to buy a home or already own one, it’s essential to consider mortgage insurance. Mortgage insurance protects your assets in the event of death, critical illness or disability. Here are five things you may not know about this type of insurance:

1. There are several types of mortgage insurance

Here are three different types of mortgage insurance coverage generally offered by an insurer. While each category has a mandate to protect you and your loved ones, each mandate is distinct. 

  • Mortgage Life Insurance pays off your insured mortgage in the event of your death. Unlike personal life insurance, which gives your loved ones a sum of money, this type of insurance pays the mortgage amount directly to your financial institution. When you die, your heirs are freed from this debt, which can be substantial. 
  • Mortgage Critical Illness Insurance allows you to pay part or all of your mortgage balance if you are diagnosed with a serious health problem, such as cancer, heart attack or stroke. The lump sum you receive can be applied directly to your mortgage balance. 
  • The purpose of Mortgage Disability Insurance is to cover your payments if you become disabled as a result of an accident or illness. Since your condition will prevent you from working and receiving a salary, this type of insurance can be useful as it will cover your mortgage payments for a designated maximum period — usually 24 months. If you become disabled as a result of a critical illness, you can make claims under both critical illness insurance and disability insurance.  

All of this insurance is temporary, meaning that it covers the insured for a specified period, which is usually the term of the loan. However, while the amount for which you are insured may remain the same throughout the term of the policy, it may also decrease in line with your mortgage balance.

These types of insurance are unrelated to the insurance offered by the Canada Mortgage and Housing Corporation (CMHC). This insurance is required when you buy a home with a down payment of less than 20% and protects your creditor if you can no longer make your payments. It does not protect you from health problems.

2. There is a big difference between the mortgage insurance offered by your financial institution and that offered by a firm like Matcha Insurance

The financial institution with which you have a mortgage offers all types of mortgage insurance packages discussed in the previous section. However, it would be preferable for you to contact an independent financial services firm to assess whether the cost of insurance would be lower with personal coverage. Since the firm allows you to shop among multiple insurers, you can make sure you get the best advice in assessing your situation.

Another advantage of having your mortgage insurance with a firm like Matcha is that if you change lenders, you don’t have to redo the insurance purchase process. For example, if you change your financial institution when you renew your mortgage, you will have to terminate your mortgage insurance contract and enter into a new one with the other financial institution. Since insurance costs are based on your age and health, you will certainly face an increase in your payments for the same insurance; you may even be denied. The interesting thing about beneficiary designation with personal insurance is that, as an insured, you can choose who will receive the amount to manage the mortgage payment.

There’s a myth that you have to insure your mortgage with your lender; this is absolutely false! You are free to purchase insurance wherever you wish.

Still have questions about the mortgage loan insurance offered by Matcha Insurance? Our financial security advisors are available to answer any questions you may have and to reassure you.

Contact us now by calling 1 844 532-3228 or Book an Appointment.

3. There are two key moments to purchase mortgage insurance

You can purchase insurance on your mortgage at any time, but there are two points at which most people buy insurance:
  • When you buy your home: When you sign your mortgage, it’s the perfect time to buy insurance
  • When renewing your mortgage: Each mortgage renewal is an opportunity to reassess your insurance needs

It is never too late to buy mortgage insurance, especially if you are experiencing changes in your needs, health status or finances.

4. How much does mortgage insurance cost?

It depends! But on what?
  • The amount you wish to insure
  • Your age — you are considered more or less at risk depending on your age
  • How long you want to be insured
  • Your lifestyle, especially if you smoke
  • Your health status

Depending on the type of mortgage insurance, you may be required to complete a medical questionnaire and conduct medical examinations based on the criteria set out above and on the insurance claims. However, if you are in good health, the insurance purchase process may be short and easy.

For a quote from Matcha Assurance, click here!

5. What does mortgage insurance cover?

Mortgage insurance covers your mortgage if you experience a health problem — whether it’s fatal or not.

  • Mortgage Life Insurance: In the event of death, you could be insured for the maximum amount of the mortgage with the bank
  • Mortgage Critical Illness Insurance: The majority of Mortgage Critical Illness Insurance covers the lump sum you selected
  • Mortgage Disability Insurance: This insurance can provide you with a monthly payment that matches your mortgage payment. This is good to know because this amount is paid after a waiting period, which occurs between the beginning of your disability and the first benefit payment. These payments will be made to you for a period stipulated in your policy, which is usually 24 months

Mortgage insurance is no longer a secret for you! We invite you to discuss mortgage insurance with your advisor. Your contact will be able to assess your situation and present you with the options of the various insurers, taking into account their specific circumstances and yours.

On the same subject

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Ginette St-Laurent
Ginette St-Laurent
FINANCIAL SECURITY
ADVISOR

Known for her natural ability to advise, Ginette is highly valued by her clients.

Ginette holds an AMF accreditation in personal insurance and is a member of the CSF. She is a seasoned financial security advisor with extensive industry experience. Ginette’s expertise lies in providing financial services and advice.

During her career, she has worked at reputed financial institutions such as Industriel Alliance and National Bank, where she served as a financial security advisor. Through this experience, Ginette developed a thorough understanding of people’s personal financial needs.

As a financial services advisor for Matcha Insurance, now her mission is to make every effort possible to find you the best insurance coverage, wherever you are, based on your needs and financial means.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Marc Moisan
FINANCIAL SECURITY ADVISOR

Marc works with you, providing smart, conscientious, expert advice based on tons of experience.

Marc is coming on 20 years’ experience in property and casualty insurance as well as financial services. He’s a proud alumnus of Cégep de Jonquière and the Université du Québec à Chicoutimi.

And as a former personal insurance broker and financial services representative with the likes of Industrial Alliance, Infoprimes, and Bélair Direct, he knows it all, and that means solutions that are incredibly well suited to your needs.

Today as a Matcha Insurance financial services advisor, he’s on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Fatimata Dia
FINANCIAL SECURITY ADVISOR

When Fatima is on your case, you notice the difference. She’s right there—patient, attentive, meticulous—with insurance solutions that do exactly what you need them do.

Her ACS in customer service and degree in management inform 15+ years’ experience in client services. Before joining the Matcha Insurance team, her career included a multi-year position as financial security advisor with IA Financial Group.

That experience left her with the expertise both to help you understand your financial situation and to come up with insurance solutions personalized to your specific needs.

Now that she’s a Matcha Insurance financial services advisor, she’ll make sure you get the best insurance coverage based on your needs and financial capacity.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Benoît Forgues
    Assistant Vice President, Legal Affairs and Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-benoit.forgues@humania.ca
    Telephone: 1-800-363-1334 ext. 263
    or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.