When you sign your mortgage, the lender often offers its own insurance. It is not the only option. Describe your situation in two minutes; a person registered with the AMF calls you back and explains the difference.
Two contracts, two logics
The insurance offered by the lender protects the lender: if death occurs, the balance is paid to the lender. An individual policy is a contract between you and an insurer; you name the beneficiary.
What can differ from one option to the other
When eligibility is checked (at application or at claim), how the coverage follows the mortgage balance, how long the coverage lasts, and what happens if you change lender.
Why this comparison happens before signing
Once the mortgage is closed, options are often more limited. Asking the questions when the offer arrives keeps the choice open.
What the conversation with the authorized person covers
Your objective, the people to protect, and the terms of each contract, explained in their own wording. No option is recommended before that conversation.
Why no price is displayed
A premium depends on personal factors; a figure without context would be misleading.
Frequently asked questions
Am I required to accept the insurance my lender offers?
No. A lender may offer its product, but life insurance tied to a mortgage is generally not a condition for getting the loan. Check the wording of your offer.
Can I switch after signing?
In some cases, but eligibility conditions may be checked again. The authorized person explains what applies to your contract.
Does filling in the form commit me to anything?
No. Submitting is free and without obligation; you remain free not to proceed.