Mortgage Protection

Protect your home investment

Your broker can work with you to provide a broad choice of Wawanesa Life plans and benefits to make sure you’re set up with the coverage that’s right for you.

Wawanesa Life’s Term Life insurance can help cover the remaining balance of a mortgage in the unfortunate event of the passing of you or your spouse. This allows your family to pay off the mortgage and continue living in your home.

Unique benefits

Flexible and stable

You own the policy, choose the beneficiary, and select the type of coverage you want.
Wawanesa Life provides a 30-day grace period for missed premium payments to ensure you don't lose your coverage.
Your chosen coverage amount does not decrease as you pay down your mortgage - it remains level.
If you move, you can transfer your coverage to another home.

Extended Coverage

Coverage can continue after your mortgage is paid off.
You can renew or change your coverage without a medical exam.
Term plans can be renewed after their initial period, exchanged for a longer term plan, or converted to a permanent plan.

Enhanced customer service

Unlike banks, your broker can provide a dedicated, local insurance advisor to discuss your coverage needs.

Here’s an example of how a Wawanesa Life plan could save you years of interest charges:

If a homeowner with 21 years left on a 25-year, 4%, $500,000 mortgage, dies today without mortgage insurance, 252 future payments of $2,630 would be required before the house is paid off, a total of $662,785.

Had a mortgage life insurance policy been in force, it would have paid off not only the balance of the principal ($448,466) but would also have eliminated future interest charges and paid $51,534 to the beneficiary.

Ready to talk?

Your insurance broker can provide a customized plan and quickly answer all your questions.

Find a broker

Wawanesa Life does not currently offer Individual life insurance or investment products to Quebec residents – check back with us soon.