Home Protection Plan

Traditional Mortgage Insurance protects the bank... only you can protect yourself

Home Protection PlanThe Home Protection Plan provides complete peace of mind by offering a comprehensive suite of Life Insurance, Disability Insurance, and Critical Illness Insurance benefits.

Your home is the most valuable investment you will make in your lifetime - protect your home, not the bank!

When you purchase mortgage insurance from the bank, you are doing them a favor. Banks value your interest payments, they don't want to own your home. If you were to die, become disabled, or seriously ill you might not be able to pay the interest you owe on your mortgage. This is as much a risk to the bank as it is to you, so what does the bank do? They take out insurance, but they make you pay for it.

When you purchase insurance from the bank

  • Your benefit reduces as you pay off your mortgage.
  • The Bank owns the policy.
  • The policy never pays out a cash benefit, it only cancels the amount you owe on your mortgage.
  • Banks don't underwrite their insurance, so premiums are higher, you also don't receive a discount if you are a non-smoker or in better than average health.
  • If you change lending institutions you loose your policy.
  • Rates increase when your mortgage resets, typically every five years.

When you purchase insurance from an insurance company

  • Your benefit never reduces.
  • You own the policy.
  • The benefit is paid tax free in cash. what you choose to do with the money is your business. Pay off the mortgage, live off the Interest, or invest it, the choice is yours.
  • You receive discounted rates if you are a non-smoker, or if you are in better than average health.
  • Your policy cannot be changed or canceled by the insurance company.
  • Rates can be guaranteed for the entire length of your mortgage, up to 40 years.
  • Insurance company rates are FAR LESS EXPENSIVE than the bank.

[+] More Information

Home Protection Plan.pdf


HMR Employee Benefits Ltd. 206-2187 Oak Bay Avenue - Victoria , BC V8R 1G1 PHONE: (250) 592-4614 - TOLL FREE: 1-888-592-4614 Fax: (250) 592-4953 - EMAIL:
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