Are you a property owner or about to make a purchase? Then you’re sure to need mortgage insurance. In fact, your bank will require it when you sign the contract. Mortgage insurance guarantees that your financial institution will be able to recover its loan in case you die or are unable to make your payments.

The law forbids financial institutions from suggesting a mortgage insurer provider to you. Under section 439 of the Act respecting the distribution of financial products and services, lending institutions can’t pressure you into purchasing one of their mortgage insurance products when you apply for a mortgage or renewal.

Of course, nothing prevents you from buying mortgage insurance from the bank you take out a mortgage with, but you would be much better off going through a broker like TWIS. With us, the insurance paid out goes directly to your named beneficiary rather than the lending institution. As a result, the beneficiary can use all or part of the payment for other purposes than reimbursing the entire mortgage.

When you insure your mortgage with TWIS, your coverage is locked in—even if you refinance your mortgage later with different provider. If, on the other hand, you buy mortgage insurance from your lending institution and decide to move your mortgage elsewhere, you’ll have to reapply for mortgage insurance, running the risk of paying higher premiums—or even having your application denied altogether (in the event of health problems).

When you purchase your mortgage insurance through TWIS, you also have the choice between fixed and variable capital coverage, whereas your financial institution will only offer the second option.

Ask the financial security advisors at TWIS about our mortgage insurance products and find out how you can benefit from coverage tailored to your situation and needs.

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