Mortgage Life Insurance is a policy designed to pay off the balance of your mortgage if you pass away. Mortgage lenders offer this insurance to everyone as peace of mind but there is a better option...


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The insurance offered by your lender is easy, included in your monthly payment and in the event of your death only pays out the mortgage. Regardless of the balance, nothing comes back to your estate and loved ones. Often this insurance is not underwritten until you die so the insurance company may deny the claim due to certain preexisting conditions when you need it most...

Your best bet is to talk to a life insurance agent who can provide you with a fully underwritten term life policy at a similar cost to the lender except that there are at least 2 beneficiaries on the policy, the lender and your estate. If you die during the mortgage period this policy pays off the mortgage and the balance of the policy proceeds goes into your estate... And you are assured it will be paid!


Christopher Campos CFP, RHU

Defazio-Campos Financial Services Inc.


Certified Financial Planner and Employee Benefits Specialist

Bus: 604-465-1932

Cell: 604-240-7426

Fax: 1-877-817-9242