Your financial picture changes significantly when you get a new mortgage. The purchase of a home is a major financial commitment, and how best to safeguard your investment and your family’s interests is something you have to consider.
There are various insurance companies working in Canada that offers life, critical illness and disability protection specifically designed for mortgage borrowers. You may find the insurance company by your self or you may ask your mortgage broker. Your mortgage insurance covers the great number of benefits as below:
- Mortgage Life Protection can cover you, your partner, or up to four individuals party to the mortgage, so that in the event of a death the mortgage is paid off, along with any discharge fees. Mortgage Life coverage is not the only life insurance you will need, but it is perfectly suited to your needs as a mortgage borrower.
- Mortgage Critical Illness Protection also pays off your outstanding mortgage balance in the event you are diagnosed with severe illnesses such as heart attack, stroke or life threatening situations like hepatitis and cancer. This coverage provides you and your loved ones with a LIVING benefit.
- Mortgage Disability Protection makes the monthly mortgage payments up to $2,000, should you suffer an injury or accident and are prevented from performing the normal duties of your job.
Protect your investment and family’s financial future with mortgage insurance! Ask your mortgage consultant or insurance companies providing mortgage insurance with any question you may have, there may some conditions apply.