Life and Disability Insurance
The short answer
Personal life insurance pays your family a tax free benefit if you die, and disability insurance replaces part of your income if you can't work. Unlike lender mortgage protection, you own the policy, it moves with you, and it can cover more than your mortgage. A new mortgage is the right time to review both.
Lacroix Mortgage Group is a Calgary mortgage team licensed with and powered by Mortgage Connection Inc., a mortgage brokerage licensed in Alberta by the Real Estate Council of Alberta (RECA), and part of the DLCG network. Our brokers are individually licensed. See licence details.
Why Coverage Matters
What's the difference between mortgage protection and personal insurance?
Mortgage protection through your lender is tied to your mortgage balance. Personal life and disability insurance is owned by you, stays with you if you change lenders, and can cover more than the mortgage. Many people carry both.
Mortgage protection → What does life insurance do for homeowners?
It pays a tax free benefit to your beneficiaries if you pass away, so your family can keep making payments or pay off the mortgage.
Why does disability insurance matter?
It replaces part of your income if illness or injury stops you from working. In Canada most long term disability claims come from illness, not accidents. How long could you cover your mortgage if your income stopped tomorrow?
When should I review my coverage?
A new mortgage is one of the best times. Check that your benefit still reflects your mortgage balance and obligations.
Where do I get advice?
From a licensed insurance advisor. We're happy to introduce you to one we trust.
Want an introduction to an advisor?
We're happy to connect you with a trusted, licensed insurance advisor.
Or call (403) 648-1541