How Does Life Insurance On A Mortgage Work? 
In Canada , many lenders offer mortgage life insurance . The death benefit reduces along with the mortgage and is payable to the mortgage company . If you change mortgage companies you have to apply again and you may not qualify . The premiums for this vary and often and individual life insurance policy is very competitive . If you purchase an individual policy you are afforded more flexibility , not the least of which is the freedom to move your mortgage without loosing your coverage . Most individual policies have a level death benefit , so as the mortgage principle declines an addition amount is payable to your beneficiary . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 