We Help You To get Best Mortgage Protection in Insurance
Protect your family, home and finances by getting life and disability insurance for your mortgage.
Receive peace of mind knowing that loved ones will be taken care of if something should happen to you.
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Types of mortgage insurance
Term life insurance
In term life mortgage insurance provides a death benefit in the event of the borrower’s death during a specified term.
Disability insurance
Disability mortgage insurnce provides income protection in the event the borrower becomes disabled and unable to work.
Critical illness insurance
It pays a lump sum benefit if the borrower is diagnosed with a covered critical illness, such as cancer or heart attack.
How does mortgage protection life insurance work?
Mortgage protection life insurance is a type of term life insurance that provides a death benefit to pay off the remaining mortgage balance in the event of the borrower’s death. The policyholder (borrower) pays a monthly premium and if they pass away while the policy is in force, the death benefit is paid to the lender to pay off the mortgage balance. This protects the borrower’s family from having to continue making mortgage payments or losing the home. The death benefit amount and premium payments are typically based on the mortgage balance and the borrower’s age, health, and other factors.
What are the benefits of mortgage protection in Canada?
Mortgage protection insurance in Canada offers several key benefits to borrowers and their families. It helps them in a several way, however, we have mentioned some below:
- Pays off remaining mortgage balance in the event of borrower's death.
- Protects family from having to continue making mortgage payments.
- Provides financial security and peace of mind.
- Helps ensure the family can keep their home.
- Can offer more affordable coverage than traditional life insurance.
- May not require a medical exam for approval.
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Mortgage insurance versus mortgage protection life insurance
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Best Mortgage Insurance Plans
The best mortgage insurance plan is the one that provides the necessary coverage at an affordable cost, while meeting the borrower's specific needs and circumstances.
We help You To Get Best Mortgage Protection.
After Understanding the individual's mortgage balance, age, health, budget, and coverage needs can help determine the amount and type of coverage needed. Our financial advisor or insurance broker can provide guidance and recommendations on the best mortgage protection plan based on the individual's specific circumstances.
We Help You Track Your Investment Performance
Having a trusted financial advisor or insurance broker to help track a mortgage protection investment can provide peace of mind and ensure that the individual's coverage remains adequate for their changing needs and circumstances.
Track Your Investment With Our Experts
Our expert will always keep in touch with you after getting best mortgage protection plans.
Don't Miss Out!
In Canada, we provide best mortgage protection for our clients. We have hundreds of happy clients till now with their mortgage protection insurance policy.
How We Ensure Best mortgage Protection insurance?
- Monitoring coverage
- Reviewing premiums
- Tracking industry changes
- Providing support
Why Do You require mortgage insurance?
To repay the mortgage: In the event of the borrower’s death, mortgage protection insurance can pay off the remaining mortgage balance, helping to provide financial security for the borrower’s family.
To cover living expenses: The death benefit from mortgage protection insurance can also help cover living expenses and provide financial support for the borrower’s family.
To protect the credit rating: In the event of the borrower’s death, the mortgage protection insurance can help repay the mortgage and cover the borrower’s co-signer or estate from having to repay the debt.
To avoid a financial burden on loved ones: Mortgage protection insurance can help relieve the financial burden on the borrower’s loved ones by paying off the mortgage balance and covering living expenses in the event of the borrower’s death.
To ensure the continuation of a lifestyle: The death benefit from mortgage protection insurance can help ensure that the borrower’s family can maintain their living standard.
F.A.Q.
A term life insurance policy provides coverage for a specific period of time, typically 10, 20, or 30 years, and pays a death benefit to the beneficiaries if the insured dies during the term of the policy.
Selecting the right mortgage protection should be understanding what type of policy you need – do you need one that will pay off your mortgage if you pass away? Or are you looking to protect your income in case of illness or injury? After that you can decide or take a free consultation from our expert.
- Canada Mortgage and Housing Corporation (CMHC)
- Genworth Canada
- Canada Guaranty.
Whether mortgage disability insurance is worth it depends on the individual’s circumstances and financial situation. Some factors to consider are:
The likelihood of becoming disabled: If a person has a high risk of becoming disabled, they may benefit from having this insurance.
Financial stability: If a person relies on their income to pay their mortgage and other expenses, having disability insurance can provide financial protection in case of an injury or illness.
Savings: If a person has enough savings to cover their mortgage payments in case of a disability, they may not need disability insurance.
Existing insurance: Some individuals may already have disability insurance through their workplace or personal insurance policy.
Yes, it is possible to cancel mortgage insurance in Canada. The process and timing of canceling mortgage insurance can vary depending on the lender and the type of mortgage insurance being used.