Ivory Oak

Which Mortgage Insurance Policy is Best for me?

How much are you paying for insurance? Are you overpaying? Determining the best insurance policy for you is no easy task.  Get a quote right now or contact us to find the best insurance policy for you.

A Comparison of Mortgage Insurance Sources

Lending Institution Insurance

Individual Life Insurance

Lending institution insurance is when an insurance policy is obtained from a lending institution (typically a bank or another financial institution) that pays off the balance of the mortgage if a borrower were to pass away.

Individual life insurance describes an insurance policy that is paid by one person and covers a single person. Its intention is to meet the financial obligations of a surviving spouse or family members in the case of the insured’s death

What are the Differences Between Lending Institution and Individual Life Insurance?

Lending Institution Insurance

Individual Life Insurance

Must prequalify when changing lending institutions which means the price will go up while the benefit decreases over time

Death benefit is usually on the declining balance of the mortgage 

Typically do not offer a discount for excellent health 

The lending institution owns and is the beneficiary of the policy 

Some lenders include disability and critical illness insurance as part of their mortgage insurance packages 

Once approved, coverage cannot be revoked, provided the premiums are paid 

Coverage is not tied to your mortgage 

In the case of death, your significant other has the choice of paying off the mortgage or continuing to make the monthly payments based on the situation; giving them the benefits of control and choice 

Premiums can be guaranteed for a specific term, or a lifetime 

For those insured in excellent health, discounts of up to 35% are possible

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Our Process

We always remain transparent with every client. Why? Because we want to build trusting and healthy professional relationships. Whether you require retirement planning, education planning, business succession, risk mitigation, estate planning, or all of the above, we’re here for you. Your financial wellbeing is just as important to us as it is to you.

Your Goals Are Our Goals

Let’s achieve your short or long-term goals together.

We’ll set up an in-person meeting. We can discuss a plan of action together.

Consistent Communication

We answer all your inquiries in a timely manner.

Have a question about your management services or need a complimentary second opinion? We always respond promptly and effectively.

Multi-Generational Family Services

Comfortable financial planning for every member of your family.

From investment strategies for business owners to retirement or education planning, we offer a wide range of financial services for your family. We also help getting the next generation thinking about savings and investing.

Why Choose Us

Are you looking for trusted wealth management advice? Are you looking to work with an industry expert who brings a personal, transparent approach to your case? Not only do we have more than 20 years of experience in this often confusing industry, but we also help to educate our clients every step of the way no matter what management services they require. We build, plan, and guide our clients as honestly and as professionally as possible.

Justin Azaria is registered to provide investment advice and securities to clients residing in the provinces of Ontario and Nova Scotia. Securities products are provided through Aligned Capital Partners Inc.

Ivory Oak Private Wealth is a tradename of Aligned Capital Partners Inc. (ACPI). ACPI is a member of the Investment Industry Regulatory Organization of Canada (www.iiroc.ca) and the Canadian Investor Protection Fund (www.cipf.ca). Clients’ accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.