Types of Life Insurance Plans Offered by Bonjour Assurance Inc.
What is Mortgage Protection Insurance?
Details of the Coverage When you buy a home, your lender may suggest mortgage insurance (also called creditor insurance). But is that your best option? Mortgage Protection Insurance, a type of life insurance, might offer more value and flexibility.
How It Works
Mortgage Protection Insurance provides a tax-free lump sum to your family or chosen beneficiaries if you pass away. They can use this payout however they choose—not just to pay off the mortgage. This could include: Mortgage payments Outstanding debts Childcare or education costs Everyday living expenses
Why Choose It?
Unlike lender-provided coverage, Mortgage Protection Insurance is fully owned by you. Key benefits include: Your coverage doesn’t end when your mortgage is paid off You keep your policy even if you move You choose your beneficiary—not the lender This gives your loved ones control over how to use the funds during a difficult time.
The Importance of Insuring Your Mortgage
Buying a home is one of the most significant investments you’ll ever make. Ensuring you have the right mortgage insurance is crucial to protect yourself and your loved ones.
How Is Bank Mortgage Insurance Different?
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Details of the Coverage
Bank or lender-provided mortgage insurance works a bit differently. If you pass away, the payout goes directly to the lender—only covering the remaining mortgage balance. Your family receives nothing beyond that.What to Keep in Mind
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The coverage amount shrinks as you pay off the mortgage
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Your premiums typically stay the same, even though the benefit decreases
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Your family has no control over how the funds are used
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What Type of Mortgage Protection Insurance is Best?
Mortgage protection insurance is essentially life insurance, and term life insurance is one of the most affordable ways to secure this protection. It covers you for a set period, such as 10, 15, or 30 years, and ensures your family is financially protected should anything happen to you during that term.
Benefits of Term Life Insurance:
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Affordable coverage for a specific term
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A tax-free death benefit for your beneficiaries
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Funds that can be used for any purpose, including mortgage payments and other expenses
| Feature | Bonjour Assurance Term Life Insurance | Bank or Lender Mortgage Insurance |
|---|---|---|
| Covers the mortgage | Yes | Yes |
| Covers other expenses | Yes | No, only mortgage |
| Choose your beneficiary | Yes | No, money goes to the lender |
| Coverage remains even as the mortgage is paid off | Yes | No, it decreases |
| Portable if you switch lenders | Yes | No, you may lose coverage |
Get Mortgage Protection Insurance
At Bonjour Assurance, we offer solutions tailored to your needs. With our mortgage protection insurance, you’ll keep your coverage even if you switch lenders, choose your beneficiaries, and lock in your premiums based on your personal profile.
Additional Insurance Options
Product Pick-A-Term Universal Loan Insurance Lending Institution Mortgage Insurance Coverage Term 10 to 40 years Up to age 65 Ends if you change lenders Guaranteed Renewal Yes, until age 65 Yes, until age 65 No Convert to Permanent Yes No No Coverage for Tenants Yes Yes No
At Bonjour Assurance, we’re here to help you choose the best insurance option for your mortgage and financial needs. Contact us today to find the right solution for you!
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- Email: info@bonjour-assurance.ca
- Phone: 1-888-929-1113
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