From just $48.60* a month
You can get protection for your mortgage. It protects more than just your investment. It protects you.
Mortgage insurance for you – not the bank.
As a homeowner, you want to ensure your investment is protected. With CAA’s Better Mortgage Protection, you’re not just protecting your home, but you’re investing in your loved ones, as well.
For as little as $48.60 a month*, you can invest in life insurance for your mortgage. For most people, that’s up to 75% savings compared to lender mortgage insurance.
Here’s how it works.
Better Mortgage Protection is portable.
Whether you pay off your existing mortgage or move to another home, your coverage goes with you. Unlike traditional policies purchased through your lender, a Better Mortgage Protection policy is portable, even if you switch lenders.
Your coverage and premiums remain the same, even as you pay down your mortgage.
With traditional mortgage insurance, the amount covered declines as you pay off your mortgage. And your premiums may increase over time, as you age. Better Mortgage Protection always covers you for the initial amount – so your family will receive the full value of the policy, no matter how much is left on the mortgage.
The bank is not the beneficiary.
Better Mortgage Protection is life insurance, so you choose your beneficiaries. They receive the full amount to pay off the balance, cover debts or simply for replacement income at a time they need it most. Traditional mortgage insurance pays the bank as the beneficiary.
You decide how long you are covered.
With Better Mortgage Protection, you have flexibility. Once the term expires, it can either renew automatically or you can choose to convert to permanent life insurance, with no additional medical tests¹. What’s more, you have the flexibility to add term life, disability and critical illness coverage to take care of the unexpected in life.
Guaranteed coverage from the start.
Unlike traditional mortgage insurance which is underwritten when a claim is made, Better Mortgage Protection is approved and underwritten upfront, when you sign up. That means that when a claim is made, you are assured that your family are guaranteed the benefit.
It can be adapted to your changing circumstances.
Better Mortgage Protection has a built-in unique divorce or separation option. If your relationship situation changes, both parties can change to individual policies and are each entitled to 100% of the sum insured.
Get the same tax benefits as life insurance.
As a life insurance policy for your mortgage, it provides a tax shelter benefit. The payout can be used to clear a mortgage, funeral expenses and other debt.
Free Will Kit and Maple online medical services.
There’s a sweet bonus for CAA Members: Every CAA Protect Better Mortgage Protection policy comes with a free will kit² to help you plan for the future and access to Maple Health³, Canada’s premier online medical services, including access to GPs, specialist advice and self-serve information.