Mortgage protection life insurance in Canada is discussed, highlighting the drawbacks of mortgage insurance offered by lenders and the benefits of opting for term life insurance instead. Term life insurance provides more control, flexibility, and coverage compared to bank-offered mortgage insurance, emphasizing the importance of a financial needs analysis before making a decision.

Mortgage insurance is a requirement by lenders to protect themselves, not the borrower, in case of default due to a small down payment. This insurance can lead to lower interest rates but increases monthly payments over time.

When considering mortgage insurance, it's crucial to understand key drawbacks. The policy is owned by the bank, not the insured, with decreasing coverage over time and potential disqualification upon claim due to health assessments.

Exploring the price differences between mortgage insurance and term policies for a $600,000 coverage, considering various factors such as age, health, gender, and occupation. Emphasizing the importance of conducting a financial needs analysis before purchasing insurance.

Discusses the importance of critical illness and disability insurance, income replacement for young children, and the benefits of permanent life insurance. Highlights the differences between term life insurance and bank-offered policies, emphasizing the flexibility and customization options available.