How to buy mortgage life insurance online

by Glenn Cooke

10/19/22

Are you looking to insure your mortgage online? First things first – 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. Consumer advocates such as Dave Chilton, Gail Vaz-Oxlade, and CBC Marketplace have all stated this quite clearly.

Purchasing mortgage life insurance online is easy, as long as you’re working with an independent life insurance broker who has the capability to work with you online (few do). Here at MortgageInsurance.ca, we do have that ability.

Step 1)

Apply online. Take a few minutes to enter your details such as address, occupation, and beneficiary. Once completed you’ll electronically sign your application, and our systems immediately submit your signed application to the life insurance company.

Step 2)

Medical History Questionnaire – you’ll receive a call from a paramedical person who will ask you a series of questions. Please take the time to answer these questions thoroughly and completely. This isn’t an ‘exam’ with a pas/fail – it’s providing enough information to the life insurance company so they can assess – and hopefully discard – any risk elements in your past history. Remember it seems that almost all of us have ‘something’ in their history, and the life insurance companies are still providing lots of life insurance policies. If you’re concerned about a specific medical point in your history, please visit our contact us page and complete the form for an independent consultation before you apply.

Step 3)

Underwriting - The life insurance company will generally reach out to your doctor for a report (in most cases today, this is done instead of a blood, urine, or saliva test). This is the single largest delay we experience in getting policies issued. If the insurance company does request a doctor’s report, we will contact you and suggest that you email your doctor mentioning that they should expect a report request, and asking them to not delay it. 

Step 4)

Policy issue – once the policy has been approved we’ll let you know immediately and collect your banking information and signature electronically. We’ll then email you an electronic copy of your policy. Congratulations! Your new policy is now in force. If you have bank mortgage life insurance you can now comfortably call their customer service department to cancel your existing insurance – and start saving money! 

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