Financial institutions offer 'creditor' life insurance. The product is often far more expensive than private life insurance (see below), has increased costs every five years, and a reducing death benefit (as your mortgage balance decreases). The bank is the beneficiary of the policy. (not your family)
Canadian Life Insurance companies offer high quality and lower cost life insurance options. Costs are guaranteed for 10 or more years and the death benefit never reduces. You decide who will receive the proceeds of the life insurance (tax-free).
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