Mortgage Insurance Ontario
Protecting your family’s home in the event that something happens to you (such as a serious illness or death) is a large component of securing their future, which is the aim and intent of buying life insurance. This is where mortgage life insurance comes in.
Mortgage insurance policies available through lenders, however, tend to be one size fits all. Lenders’ policies offer you little control, and often don’t provide you with the coverage that meets your specific needs. Our mortgage life insurance plans are tailored to you – talk to one of our insurance brokers for personalized suggestions and a customized quote today.
What Is Mortgage Insurance?
Mortgage life insurance makes certain that your mortgage loan will continue to be paid in the event of your passing. The beneficiary of this type of insurance is the institution with which your mortgage was taken out. Once your mortgage is paid off, mortgage life insurance coverage expires. The benefits paid to the lender, outlined in your policy, are not static. They decrease over time as you pay off more and more of your mortgage.
Do You Need Mortgage Insurance?
Mortgage insurance is highly recommended for anyone who owns a home that they are still making mortgage payments on. Mortgage insurance benefits will be used to pay off your mortgage in the event that you can no longer make payments, due to serious illness or death. This is important to consider for both single and dual income families. If a spouse or partner has been away from the workforce for a considerable amount of time, getting a job could be difficult for them, especially one with a high enough salary to cover mortgage payments. In dual income families, the loss of one income is often enough to make mortgage payments difficult to meet. Ensure your family will have a safe, comfortable place to call home when life’s unpredictable tragedies rear their head. Dealing with the illness or death of a loved one is a difficult, often stressful time. Mortgage insurance gives your and your family peace of mind in knowing that mortgage payments will be one less thing to worry about in this terrible situation.
Mortgage Insurance Calculator
Our online mortgage insurance calculator can help you determine how much your mortgage insurance premiums will be. Hand-pick your benefits and coverage, input them into the mortgage insurance calculator, and then let it take care of the rest. If you’re unsure of the benefits you need or the premiums that are best for you, speak with one of our insurance brokers – they make for a good mortgage insurance calculator too! The insurance brokers at Lifetime Insurance are only a phone call away, and support is available 24 hours a day, 7 days a week. We are committed to putting you first.
What Our Clients Say
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