Have you recently bought a home? Here’s everything you need to know about mortgage life insurance and how AIME gives you the most affordable rates.
For most Canadians, their most important and expensive financial asset is their home, which is why you should do everything you can to protect it. However, bank-issued mortgage life insurance does have some severe limitations.
That’s why AIME has created 20/20 Mortgage Life Insurance. Designed with you in mind, our product is free of the many limitations of traditional MLI, offering you and your loved ones total peace of mind and long-term financial protection.
Some of the benefits of our product include:
- Affordable mortgage life insurance rates
- You get to choose your own beneficiary
- Your policy moves with you if you decide to switch lenders
- No needs analysis is required
- You can apply and be approved online
Comprehensive Mortgage Life Insurance at Affordable Rates
At AIME, our goal is to leave no family unprotected. We are proud to offer affordable and flexible mortgage life insurance products and rates, that suit all your needs and ensure the security of your family’s financial future.
Want to know more?
Is Mortgage Life Insurance Worth It?
A home is one of the biggest purchases, and the largest sources of debt, that you can have, which is why mortgage life insurance is so important. This type of insurance is designed to protect your loved ones from any burdensome mortgage payments if you, as the primary breadwinner, are no longer around to provide an income.
How does it work?
In terms of how it works, mortgage life insurance is very similar to other types of term life insurance.
Here is what to expect:
- You buy a customized policy
- You’ll pay regular premiums
- If you die during the term of the policy, a death benefit is paid out to your beneficiaries
As with all other types of loans, if your family falls behind on payments it could hurt their credit and may even lead to them losing the family home. A mortgage life insurance policy will ensure this never happens by paying off your debts and giving your loved ones total peace of mind.
How Can I Get The Best Mortgage Life Insurance Rate?
Taking out a mortgage life insurance policy is a convenient and sure-fire way to protect your family in the event of your untimely death, as will ensure the full repayment of the outstanding balance of your mortgage, so that your loved ones will never lose their family home.
However, before purchasing MLI, it’s important to do your research and shop around, before deciding on a specific product.
Here are 2 simple ways to get the best mortgage life insurance rate:
Use a Mortgage Life Insurance Calculator
While finding the right policy and price quote for your mortgage life insurance once required you to visit a licensed agent, you can now do your own research online using a mortgage life insurance calculator.
Such a calculator will help you determine the average policy cost by taking into account your:
- Age/gender
- Health status (eg. whether you are a smoker or not)
- Home’s total value, including any land that comes with it
- Mortgage balance
- Zip code
Using this tool will help you become a more informed consumer so that you can be sure you’re buying a product that is right for you and your specific needs.
Talk to a Licensed Agent
Once you have used the mortgage life insurance calculator to get a better estimate on what your policy should cost, you should talk to a licensed insurance agent, as they can help you navigate the complex waters of buying a policy.
Some of the benefits of talking to an agent, include:
- Such a professional can be your guide throughout the whole process, helping you find a product that suits your unique situation.
- They can inform you of any application updates.
- They’ll help you avoid any nasty surprises by taking you through the nuances of buying insurance.
- You’ll be aware of all the different types of insurance, including critical illness and disability coverage, and how these can provide you with total coverage.
Call Today
To find out more about our flexible and affordable mortgage life insurance policies, and how we can find the most affordable and comprehensive product to suit all your individual needs, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
