BC Homeowners Paying For Mortgage Insurance
If something happens to you, who gets the insurance money?
YOUR FAMILY or THE BANK?
Take 60 seconds to find out where you actually stand
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Here's the part almost nobody realizes when they sign up
Mortgage insurance from the bank usually insures the mortgage, not you.
That means if something happens to you, the payout typically goes to the bank to clear the balance… on the bank's terms.
Your spouse never sees a cheque. They don't get to decide what happens next. The bank does.
And they cannot challenge their decision. Because of the signed contract.
Your family might not even get the money at all
It gets worse. The insurer might not hold up their end and flat-out refuse your family the money they need.
Why? Because many of these policies don't check if you qualify before they sell you the coverage.
They just accept everybody.
No health questions. No verification. Nothing.
They happily collect your premiums for years.
The "checking" only happens after a claim is filed after you're gone. And if they find anything in your health history that says you never actually qualified?
There goes your family's payout. They deny the claim and call it even.
It happens more often than you think.
Claims get denied so often, CBC ran an investigation on it
It happens enough that CBC Marketplace - Canada's national broadcaster, on air over 50 years - built an entire investigation around it.
Hidden cameras. Real victims. Executives squirming on national TV.
And what they exposed was how often mortgage insurance claims get denied simply because the person never qualified in the first place.
Think about the families who paid premiums for YEARS, then got denied after death over health questions nobody ever asked them.
The industry even has an official name for it: "post-claims underwriting."
It happens so often, they had to name it.
And every year, the coverage you're paying for shrinks
Here's the last piece. The bank's coverage you're paying for is shrinking.
Every mortgage payment you make, your coverage drops with your balance.
But your premium? That stays exactly the same.
So you pay the same amount every month for less and less protection every year.
Sign up covered for $500,000. Pass away 15 years later, and the payout might be $180,000. Same premium. A third of the protection.
Sign up covered for $500,000. Pass away 15 years later, and the payout might be $180,000. Same premium. A third of the protection.
Now imagine you had the RIGHT insurance instead
Imagine a policy where the health questions were asked UP FRONT while you're alive and able to answer them.
So the answer to "will they pay?" isn't a mystery your family discovers at the worst moment of their lives. It's something you KNOW. Today. In writing.
And the cheque goes to your spouse to do whatever's right for your family. Not to the bank.
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$500,000 of coverage means $500,000
The right insurance doesn't play the shrinking game.
$500,000 means $500,000 ... whether you pass in year 2 or year 22.
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And it often costs the same as what you're paying now
The right insurance often costs about the SAME as what you're already paying the bank. Same monthly payment.
Except one protects the bank and might never pay … and the other protects your family and pays them directly.
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How our free review works
When you answer 6 simple questions, we'll show you the real gaps in your coverage and how to close them forever so you can stop worrying whether your policy will actually pay out and start working on securing other parts of your future.
🆓100% Free review | 🔒 Your information is private & secure| 🇨🇦 Licensed BC advisors
So do you still think your mortgage insurance is protecting your family?
Start with the 60-second check below... To know for sure if your family is truly protected in the time of need.
🆓100% Free review | 🔒 Your information is private & secure| 🇨🇦 Licensed BC advisors
We recently reviewed coverage for a couple who'd paid into bank insurance for years
The husband smoked. He assumed no real insurer would ever cover him, so he stuck with the bank plan out of fear.
He thought the bank's insurance would send a cheque to his wife if something happened to him. He was wrong she wouldn't get anything.
The bank would get the cheque directly from the insurance company, completely bypassing his wife.
So we recommended him for the right insurance. Turns out, smokers qualify all the time. The rate was higher but the cheque now goes to his wife.
Now if anything happens, the money goes to her, to do whatever's right for their family.
It started with the same 60-second check you're one click away from. We can do the same for you.
🆓100% Free review | 🔒 Your information is private & secure| 🇨🇦 Licensed BC advisors
Testimonials by Locals
We'd been paying into our bank's mortgage insurance for six years and genuinely thought our kids would be taken care of. I was dead wrong. Thanks to this quick survey that opened our eyes.
Then we got on a call with a licensed advisor and to get a better insurance instead. Paid the same for this insurance as before but got a lot more benefits
James, Vancouver, BC
I have health history and I thought I wouldn't qualify for insurance. So I started with mortgage insurance because I thought at least my mortgage would be paid off and my kids could live without worrying about it. I was so wrong. Turns out, mortgage insurance often denies claims. Thank you to Review My Coverage for opening my eyes.
Sarah, Burnaby, BC
Frequently Asked Questions
Is this going to cost me anything?
No. The review is free, and nothing is sold on the call. A licensed advisor looks at what you currently have, compares it to your options, and you decide what to do with that information. That's it.
I already have mortgage insurance through my bank. Isn't that enough?
That's exactly what the review checks. Most people are surprised to learn their bank coverage insures the mortgage — not their family — and can shrink every year. The 60-second check gets the basics; a 15-minute review tells you for certain which side you're on.
What if I smoke or have health issues? I probably won't qualify.
That's the assumption that costs families the most. People with health conditions — including smokers — qualify all the time. You won't know until someone actually asks the right questions. That's what this call is for.
How long does this actually take?
The initial check takes about 60 seconds, you can do it right now. If you'd like a full review after that, it's a short 15-minute phone call at a time that works for you. No paperwork, no pressure.
Will I be pressured to buy something?
No. The advisor's job is to show you where you stand. If your current coverage is fine, they'll tell you. If it isn't, you'll know your options. The decision is always yours.
