How to Find Best Mortgage Insurance Quote in Alberta

When you need to find the best mortgage insurance quote Alberta, you just want to make the smartest move you can.  The best thing to do is go online and do your research for mortgage insurance quotes.

Keep in mind that there are two types of mortgage insurance in Canada—collective or group mortgage insurance, and personal mortgage insurance.

·    Collective or group mortgage insurance – This type of insurance is what most people commonly think of when they are looking for mortgage insurance.  The bank or lending institution takes ownership of the policy.  When you submit the paperwork for this type of insurance, it isn’t analyzed until the client makes a claim for disability or death.

·    Personal mortgage insurance – This type of insurance is offered through a licensed insurance agent or broker.  The policy is owned by the client and premiums and the premiums are payable to the insurer.  Also, this means that the analysis of the policy is done before a claim is made.

Until recently, collective insurance was not required to have a licensed agent in Alberta. The claims department was also notorious for weaseling out of claims.  For example, the claims are constantly denied for “fraud.”  When they say fraud, this could be not checking “yes” to being tested for high blood pressure.  (Each time you have your arm cuffed, you are being tested for high blood pressure.)

Alberta is the only province that even requires banking institutions to be licensed.  For this reason, many people are taking the power into their own hands and purchasing personal mortgage insurance.

Personal mortgage insurance carriers are known to be competitive with each other, so the premiums are significantly lower than collective insurance.  If you go online, you might want to try a website that lists several competitive bids for mortgage insurance in Alberta.