Are you considering getting mortgage life insurance? It’s essential to ensure that there’s a way to pay off your mortgage if anything happens to you. With mortgage life insurance for your Toronto house, you can rest easy knowing that your family is protected if anything happens to you.

What is mortgage life insurance

The purpose of mortgage life insurance is to cover the remaining mortgage amount if the policyholder passes away.  It isn’t mandatory, but it is a very financially-effective way to ensure your loved ones don’t have to sell their house if they can’t afford the mortgage without you.

How much does mortgage life insurance cost?

The cost of mortgage life insurance depends on several factors. These are the main ones:

  • Coverage Amount: The higher the amount of your mortgage, the more mortgage life insurance will cost.
  • The Lender: This is the company selling you the mortgage life insurance for your Toronto home.
  • Your Age: Your premiums will be less if you are younger and in good health.

What are the benefits of getting mortgage life insurance instead of general life insurance?

There are several benefits to getting mortgage life insurance instead of general life insurance:

  1. It’s easier to qualify for a high amount of mortgage life insurance than it is for a high amount of general life insurance.
  2. You can roll the payments into your general mortgage – one less bill to keep track of!
  3. You can easily cancel it at any time.

Why should I get mortgage life insurance if I already have life insurance from my employer?

By having mortgage life insurance in addition to general life insurance, you can:

  1. Protect your family financially if you lose your job and your life insurance coverage.
  2. Provide your family with an additional financial cushion. With the mortgage taken care of, your family can spend the cash payout from your general life insurance on paying other bills or put money aside for college.

How can Northwood Mortgage help me if I want to get mortgage life insurance?

At Northwood Mortgage, we aim to help you and your family’s financial future. When you get mortgage life insurance for your Toronto home from Northwood Mortgage, you’ve taken a massive step towards ensuring your family won’t lose their home if anything happens to you.

With our mortgage life insurance packages:

  • We don’t require a medical exam.
  • We offer Return of Premium Products that will refund all your paid premiums.
  • Our premiums are guaranteed, and they won’t increase as you age.
  • Our insurance is portable! You’re not just limited to the property you bought originally – our insurance can move with you from property to property.

We also offer mortgage disability insurance and mortgage critical illness protection.

Reach Out To Us To Learn More About How To Get Mortgage Life Insurance For Your Toronto Home

Call our experts today at 888-257-8130 or contact us online to learn more about obtaining mortgage life insurance. We’re here to answer your questions and provide your family with the financial protection they deserve.