Are you looking to purchase a mortgage life insurance policy? Here are 4 things you must consider to ensure that the policy fits your specific needs.
As a homeowner who must pay a mortgage every month, it’s important to make provisions to ensure that if anything happens to you, such as a sudden illness, injury, or even death, your family isn’t left with a big debt and the prospect of losing your family home.
Purchasing mortgage life insurance means your family will:
- Always have a roof over their heads
- Remain financially stable
- Have funds to pay off outstanding debts such as credit card bills and school fees
- Have total peace of mind
20/20 Mortgage Life Insurance ALWAYS Works in Your Favour
At AIME, we pride ourselves on offering simple and transparent mortgage life insurance at affordable costs to help keep your family financially protected during some of life’s most difficult moments. From a quick application process to customized policies, we make it easy for you to find a product that works for you!
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4 Factors to Consider When Choosing a Mortgage Life Insurance Policy
Once you decide to purchase a mortgage life insurance policy, the next step is to look into a few factors to decide which policy is right for you. Here are 4 factors you must always consider:
1. Your Plans For The Future
A huge deciding factor when it comes to purchasing a mortgage life insurance policy is your future plans. You want to make sure that your policy can suit your changing needs, so some of the questions you should ask yourself include:
- How long will you be living in your current home?
- Do you have the means to pay off your mortgage early?
- Are you planning on moving somewhere else?
You can discuss all of your options with one of our licensed agents today and we can help you find a policy that will suit your current and future lifestyle.
2. Portability
In most cases when mortgage life insurance is sold by a lender or mortgage company, it is locked with that mortgage company. That means if you decide to switch lenders, refinance, or if the mortgage company sells the loan to another company, you’ll have to requalify. This often comes with higher premiums.
202/20 MLI Moves With You
At AIME, our mortgage life insurance allows for portability. That means you can choose the coverage amount you need and whether you refinance, renegotiate your mortgage, or move, your mortgage moves with you.
HOW 20/20 MLI GIVES YOU TOTAL CONTROL
3. The Length of Your Mortgage Period
This should be one of the biggest considerations when choosing your mortgage life insurance policy. Typically, people want to match the length of their plan to the length of their mortgage period, although you may want to opt for a shorter plan if you have the funds to pay off your mortgage earlier.
4. Your Specific Needs
Every individual has different needs, which is why you must find an MLI plan that is flexible and customizable. For example, if you’re married, you may want to consider a joint policy.
If you have a high risk job, or a history of family illness, you may want to consider adding riders to your policy, such as:
- Mortgage Life Disability
- Mortgage Critical Illness
By considering your unique lifestyle and specific needs, you’ll be able to create a mortgage life insurance policy that covers you in any situation.
MORTGAGE LIFE DISABILITY MORTGAGE CRITICAL ILLNESS
Call Today
To find out more about how we can help you create a mortgage life insurance policy that always works in your favour, contact one of contact one of our licensed advisors at 1-844-974-2020 or fill in our online contact form.
