Mortgage & Loan Protection Insurance

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HWI / Life Insurance / Mortgage & Loan Protection Insurance

Mortgage & Loan Protection Insurance in Saskatchewan

You don’t have to buy mortgage insurance through your bank. Whether you’re a first-time homebuyer or getting a car loan, our loan protection plans give you total control. Secure a policy that stays with you, not the lender.

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Term Life Insurance

Term life insurance provides coverage for a specified period (10, 20, or 30 years) with affordable premiums that remain level throughout the term. This option is ideal for young families, mortgage protection, and income replacement during your working years.

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Permanent Life Insurance

Permanent life insurance provides lifelong coverage that builds cash value over time. These policies include whole life and universal life options that offer both protection and investment components, making them valuable for estate planning, legacy creation, and long-term financial strategies.

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Critical Illness Insurance

Critical illness insurance provides a tax-free lump sum payment if you’re diagnosed with a covered serious condition such as cancer, heart attack, or stroke. This financial support helps cover medical expenses, treatment costs, and living expenses while you focus on recovery rather than financial worries.

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Disability Insurance

Disability insurance replaces a portion of your income if you’re unable to work due to illness or injury. This crucial coverage ensures you can continue to pay bills, cover living expenses, and maintain your lifestyle during periods when you can’t earn an income.

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The Truth About Bank Mortgage Insurance

Key Takeaways from the Report:

  • Post-Claim Underwriting: Banks often don’t check if you actually qualify until after you die or get sick [00:03:10].
  • The False Sense of Security: Families paid premiums for years, only to have their claims denied during a tragedy [00:07:34].
  • Confusing Paperwork: Application forms are often designed in a way that is nearly impossible for consumers to fill out accurately without professional help [00:05:38].
  • Ownership Matters: Unlike bank insurance, private loan protection ensures you are qualified before you start paying.

Don’t leave your home to chance. Get protected properly.

Frequently Asked Questions About Mortgage Insurance

Is mortgage insurance mandatory in Saskatchewan?

No. While banks often present it as a standard part of your mortgage application, you are not required to buy their insurance. Private loan protection fulfills this requirement while offering you better rates and more control.

What happens to my insurance if I switch banks or lenders?

If you have bank-issued insurance, your coverage typically ends the moment you switch lenders. This means you have to re-apply at your new age and health status, which usually costs more. With our private loan protection, the policy stays with you regardless of which bank holds your mortgage.

Why is private loan protection better than the bank’s “declining balance” insurance?

With bank insurance, your premiums stay the same even though your mortgage balance goes down; you’re essentially paying the same price for less coverage over time. Our private plans offer a level death benefit. This means your family receives the full original amount, and any money left over after the mortgage is paid off stays with your beneficiaries, not the bank.

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Questions about Life Insurance? Learn More ←

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