The choice of beneficiary, an indisputable advantage
There are several advantages to purchasing personal mortgage insurance, but one of the most important is that you can choose the beneficiary in the event of a claim.
Group insurance offered by financial institutions does not offer the possibility of choosing the beneficiary. Thus, a couple made up of two common-law spouses without a will, one of the two of whom dies, would be in a situation where the spouse would not receive any compensation. In the event that this person does not have the necessary savings, they will be forced to sell their share of the house.
The personal insurance policies we offer allow you to choose your beneficiary. Thus, in the event of death, compensation will go directly to the person you choose. Your spouse could therefore benefit from compensation that would allow them to cover the costs of your part of the home, in addition to an amount covering some other costs that you would have foreseen by taking out your insurance.
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