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What to Consider Before Getting Mortgage Life Insurance

Posted onFebruary 01/2021By

Getting a home in Canada is a big responsibility. It is one of the largest investments you’ll make in your life, and your mortgage payments will be one of the biggest financial obligations you’ll have. Protecting your home and family is important—that is where mortgage life insurance comes in. What is mortgage life insurance? Paying your mortgage is essential to keeping the roof over your head. However, in case of your death, will your family be able to make those payments? Mortgage life insurance can help your family keep their home. If you pass away, mortgage life insurance will step…

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Why You Need Mortgage Insurance

Posted onNovember 09/2020By

A home is a major asset and having mortgage life insurance can offer you a level of protection. Consider how unpredictable life can be. If anything were to happen to you or your spouse, your home could potentially be lost. Moreover, it would put stress on those in your family who are left behind, especially if they have to pay all the mortgage costs on their own. Having mortgage insurance is one way of preventing that from happening. What is mortgage insurance? When you buy a home, there are different types of insurance you can get to protect you, your…

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5 Benefits on How to Protect Your Mortgage With Life Insurance

Posted onMay 01/2020By

For potential homebuyers and current homeowners, a home is a costly investment with a long-term commitment. That’s why every homeowner carrying a mortgage needs to get life insurance. Life insurance that covers a mortgage is called mortgage life insurance or mortgage protection insurance. This kind of insurance is designed to protect the lender, just in case they are unable to pay for their monthly mortgage fees. In this article, let’s highlight five benefits on how to protect your mortgage with life insurance. 1. May protect homeowners due to sudden unemployment With Canada’s unemployment rate fluctuating every year, sometimes homeowners might…

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8 Things To Know About Mortgage Insurance

Posted onJuly 12/2017By

If you’re in the process of applying for a mortgage or starting to shop around for one, you’re probably thinking about how you can get a low mortgage rate. However, there’s more to getting a mortgage than the rate. There’s also mortgage insurance, which is an important part of getting a home loan if you’re having trouble coming up with a decent down payment. Many Canadians are not aware of what mortgage insurance is. Below you’ll find eight important things to know about mortgage insurance. This type of insurance protects the lender against default and not the homeowner. Mortgage insurance is designed to ensure the lender is able to recoup costs should you default on your loan. Mortgage insurance is mandatory for borrowers who can only come up with a down payment for their home of less than 20% of the total. Furthermore, down payments cannot be less than 5%.…

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Why You Need Mortgage Disability Insurance

Posted onDecember 05/2016By

Research shows that people are often more at risk of suffering a disability than dying during their working years. Disability prevents you from working to maintain your current standard of living, and so you need to replace the income you lost while away from work. While many disabilities may be temporary, some can also be permanent. Not only will you be unable to keep up your lifestyle, you will also be unable to keep up your mortgage payments. Disability mortgage replaces your income according to your monthly mortgage. Here are some concrete reasons to consider getting mortgage disability. You Are Self Employed A self-employed person depends entirely upon his/her own efforts to maintain an income and standard of living. Therefore, they are especially vulnerable to loss of income if they were to be unable to work even for a short time. These persons may not qualify for the level of…

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