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Secure Your Home and Future with Life Insurance

Life Insurance for First-Time Homebuyers

Buying your first home is a major milestone — life insurance ensures your mortgage and your family stay protected.

What is Life Insurance for First-Time Homebuyers?

Life insurance for first-time homebuyers helps protect your new home and your family’s financial future if something unexpected happens. It ensures your mortgage and major expenses are covered, giving you long-term stability and peace of mind.

Protects your family financially by covering major expenses or mortgage payments if the unexpected happens.

Offers flexible coverage options that grow with your needs as a new homeowner.

Benefits of Life Insurance for First-Time Homebuyers

Protects your family from financial stress during and after the homebuying process.

Provides affordable coverage tailored to new homeowners.

Offers customizable policy options to safeguard your family’s long-term future.

Covers major expenses like mortgage payments, keeping your loved ones secure.

term Life Insurance vs. Mortgage Life Insurance

Life insurance offers broader financial protection for your family, while mortgage life insurance only protects your lender by covering your remaining home loan balance.

Term Life Insurance

Term Life insurance provides flexible, comprehensive coverage that can be used for any financial need.

Covers all financial obligations, not just the mortgage.

Offers a fixed payout to your beneficiaries.

Can be tailored to fit your family’s evolving needs.

Mortgage Life Insurance

Mortgage life insurance only covers the remaining balance of your home loan, leaving other expenses unprotected.

Pays the lender, not your family.

Coverage decreases as you pay off the mortgage.

Limited to one specific financial obligation.

Who Should Consider Life Insurance for First-Time Homebuyers?

New homeowners who want to protect their spouse or family from taking on the mortgage if something happens.

Anyone taking on a mortgage for the first time who wants peace of mind knowing their home is secure.

How Life Insurance For First-Time Homebuyers Works

Life insurance provides new homeowners with financial protection that grows with their needs, ensuring long-term security for their family and their home.

Real Experiences. Real Peace of Mind.

 “We didn’t really know what we needed for life insurance. Chris explained things in a simple way and helped us land on something that felt right for our family.”

– Laura & Ben M., Langley, BC

Real Experiences. Real Peace of Mind.

“I appreciated how patient they were. They answered every question and made sure I actually understood what I was signing up for.”.

– Marissa K., Edmonton, AB

Real Experiences. Real Peace of Mind.

“We spoke with a few companies, but LifeSimple was the only one that explained things without pressure. It made the choice simple.”

– Adam & Renee T., Calgary, AB.

Real Experiences. Real Peace of Mind.

“We weren’t sure how much coverage we should get. LifeSimple walked us through the options and helped us figure it out without any sales pressure.”

– Holly & Dan F., Regina, SK

Real Experiences. Real Peace of Mind.

“We have two young kids and wanted to get this sorted out. LifeSimple made the whole thing simple and helped us choose something that fit our budget.”

– Priya & Amar S., Mississauga, ON

Real Experiences. Real Peace of Mind.

“I expected this to be complicated, but it wasn’t. Everything was explained clearly and the process was surprisingly quick.”

– Marcus D., Toronto, ON

Real Experiences. Real Peace of Mind.

“I appreciated how straightforward the conversation was. No pressure — just honest advice to help me make the right choice.”

– Danielle R., Ottawa, ON

Real Experiences. Real Peace of Mind.

“As a single mom, I just wanted straightforward advice. LifeSimple broke everything down step by step and made the decision a lot less stressful.”

– Jenny L., Abbotsford, BC

Real Experiences. Real Peace of Mind.

“I’d been putting this off for years. LifeSimple made it clear and easy, and I finally feel like I’m properly covered.”

– Patrick S., Vancouver, BC

Real Experiences. Real Peace of Mind.

“We appreciated how straightforward everything was. No pressure, just clear guidance that helped us pick the right coverage for our family.”

– Sarah & Jonathan W., West Vancouver, BC

Real Experiences. Real Peace of Mind.

“We’d talked about getting life insurance for years but never followed through. LifeSimple made it really easy for us to finally understand what we needed and get it done.”

– Megan & Tyler H., North Vancouver, BC
A happy mother and daughter holding each other

FAQs About Life Insurance

Enjoy life’s milestones and adventures with affordable life insurance in your back pocket.

01

Do first-time homebuyers need life insurance?

Life insurance isn’t required, but it’s highly recommended. It ensures your family can keep the home and cover major expenses if something unexpected happens.

02

What type of life insurance is best for new homeowners?

Term life insurance is the most common choice because it’s affordable and can match the length of your mortgage. Permanent life insurance works for those wanting lifelong protection and cash value.

03

Can life insurance help cover more than just the mortgage?

Yes. Unlike mortgage life insurance from lenders, personal life insurance can cover all financial obligations — mortgage, debts, income replacement, childcare, and more.

04

Is mortgage life insurance from the bank the same as life insurance?

No. Bank-issued mortgage insurance only covers the loan and usually pays the lender directly. Personal life insurance pays your family, giving them full control of the funds.

05

How much life insurance do I need as a first-time homebuyer?

A good rule of thumb is enough to cover your mortgage balance plus 5–10 years of income and other expenses. An advisor can help you calculate the right amount based on your budget and goals.

Mortgage Life Insurance Made Simple