Articles

We have complied a list of helpful articles for you to read to get informed on how to save money, and answer questions you may have.

How To:

Article

2 min read

How To Buy Mortgage Life Insurance Online

You should never purchase mortgage life insurance from your bank. Instead, you should be purchasing term life insurance for this purpose, through an individual insurance broker.

Glenn Cooke

President

Article

2 min read

How to cancel my mortgage life insurance

First – and importantly – do not cancel any life insurance coverage until you have new life insurance in force; the new policy issued, accepted, and premiums paid.

Glenn Cooke

President

Article

3 min read

How to Lower My Mortgage Costs

Once your mortgage is in place, there’s few ways to lower the underlying costs for the mortgage principle and interest that don’t involve breaking the mortgage (and likely paying fees to do so). However you may have a hidden cost in your mortgage that you haven’t evaluated: Your bank mortgage life insurance.

Glenn Cooke

President

General Information

Article

2 min read

how much is mortgage life insurance?

Bank mortgage life insurance is substantially more expensive than competitively priced 20 year term life insurance – and 10 year term life insurance is even less expensive than that (often about half the premium of 20 year term, particularly at ages 45 and above). 

Glenn Cooke

President

Article

3  min read

mortgage life insurance for seniors

Seniors have two ways to life insurance their mortgage. The first is bank mortgage life insurance, which is a subset of creditor protection insurance. The second choice is individual term life insurance through an independent broker such as The Term Guy.

Glenn Cooke

President

Article

5 min read

Here’s why you should never buy mortgage life insurance from your bank

....and if you have mortgage life insurance with your bank now, you should replace it with term life insurance.

Glenn Cooke

President

Banks/ other Companies:

Article

3 min read

BMO Mortgage Insurance

BMO Mortgage Life Insurance – we read the contract, here’s what you need to know before you buy!

Glenn Cooke

President

Article

3 min read

CIBC Mortgage Insurance

Looking for CIBC Mortgage Life Insurance? Know what you’re buying – we’ve read the contract and here’s what you need to know.

Glenn Cooke

President

Article

3 min read

TD Mortgage Insurance

TD Mortgage Life Insurance – we read the contract, here’s what you need to know before you buy!

Glenn Cooke

President

Article

3 min read

RBC Mortgage Insurance

 Looking for RBC Mortgage Life Insurance? Know what you’re buying – we’ve read the contract and here’s what you need to know:

Glenn Cooke

President

Article

3 min read

Scotiabank Mortgage Insurance

Looking for Scotiabank Mortgage Life Insurance? We’ve read the contract and here’s what you need to know about what you're buying.

Glenn Cooke

President

Videos

Our President Glenn Cooke (A.K.A. The Term Guy) has created helpful videos just for you to answer some questions you might asking.

Video

4 min watch

Mortgage Life Insurance Cost Calculator

Save up to 60% over bank owned mortgage life insurance – we provide numerous example of premiums in this video.

Glenn Cooke

President

Video

5 min watch

Is Mortgage Life Insurance A Good Idea?

First we look at the available options. We drill down to look at prices, features, benefits and coverage. 
With the options set as a baseline we secondly look at whether it’s a good idea – and provide some examples of where mortgage life insurance can lead you to being improperly life insured.

Glenn Cooke

President

Video

2 min watch

Is Mortgage Life Insurance Mandatory?

While it’s not mandatory legally, there are cases where banks can require that a mortgage be life insured. We provide some examples of where life insurance is required for loans.

Glenn Cooke

President

Video

7 min watch

Mortgage vs Term Critical Illness Insurance

In this video we contrast premiums, benefits, and claims payment between mortgage critical illness insurance and term critical illness.

Glenn Cooke

President

Video

8 min watch

Mortgage Life Insurance vs Term Life Insurance

In this video we contrast prices, benefits, and claims payment between term life insurance and bank mortgage life insurance. 

Glenn Cooke

President

Video

2 min watch

The Best Way to Insure Your Mortgage

Don’t buy the WRONG TYPE of insurance to cover your mortgage! This video gives a quick overview of your options to life insure your mortgage in Canada.

Glenn Cooke

President

Video

4 min watch

Bank Mortgage Life Insurance May Not Pay Off Your Mortgage

Two common ways where people are expecting that bank mortgage life insurance will pay off their mortgage if they die, but it turns out, they don't.

Glenn Cooke

President

Video

2 min watch

Canada's big banks profiting off 'high risk' protection insurance | CBC Marketplace

Canada’s big banks make a lot of money off balance-protection insurance, a product the government’s financial watchdog calls “high risk for consumers” that is often “sold without appropriate explanation.”

CBC News: The National

Youtube

Video

26 min watch

Marketplace: In Denial | CBC

Mortgage insurance is meant to offer peace of mind. Most people pay the premiums and think they're covered. But some have discovered - when it's too late - that they aren't.

CBC

CBC