Are you considering buying Mortgage Protection Insurance? Here are 3 of the most important reasons why you should opt for 20/20 Mortgage Protection Insurance.
The purchase of a home is likely to be your largest single investment. In fact, in Canada, two-thirds of all credit outstanding to households is for residential mortgages.
When you sign your mortgage papers at the bank, they will encourage you to buy mortgage insurance to cover this significant debt in the event of your illness or death. And they’re not wrong, but there are options you might not be aware of.
Could 20/20 Mortgage Protection Insurance be exactly the thing you need but haven't heard of yet?
Unlike bank-issued Mortgage Insurance, 20/20 Mortgage Life Insurance is designed to be more flexible, transparent, and accessible as it will allow you to:
- Choose your beneficiary
- Switch lenders easily
- Apply easily without having to undergo an extensive medical examination
- Enjoy lower premiums
4 BENEFITS OF 20/20 MORTGAGE PROTECTION INSURANCE
20/20 Mortgage Life Insurance Gives You Total Control
Get information and support from professionals who focus on Mortgage Life Insurance every day! 20/20 Mortgage Life Insurance in Calgary was designed with the customer in mind, with the goal to leave no family unprotected.
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3 Most Important Reasons to Choose 20/20 Mortgage Protection Insurance
Buying a home is an exciting adventure and as a new homeowner, the thought farthest from your mind is “what happens to my home if I am badly injured, get seriously ill or die?” While it’s true; no one wants to consider these possibilities, the most loving thing you can do for your family when buying a home is to purchase insurance that protects them if something happens to you.
While there are various options for insurance, these are the 3 most important reasons to choose 20/20 Mortgage Life Insurance:
1. 20/20 Mortgage Life Insurance has the flexibility to move with you.
When you purchase your home, you will sign your mortgage with one specific bank or lender. If you purchase their insurance, you sign a policy for mortgage terms with that institution. When the mortgage term is up, or if you should choose to move your mortgage to another bank, you will need to reapply, requalify and pay a higher rate because you will then be older than when you signed the original agreement.
20/20 Mortgage Life Insurance helps you to avoid increasing costs because it covers your mortgage period. If you move your mortgage to another institution for whatever reason, the coverage remains in place. When your mortgage comes up for renewal, your coverage continues to protect you with no changes to the rate you are paying.
2. 20/20 Mortgage Life Insurance offers choice if you are ill, have an accident or die.
Mortgage insurance provided by lenders covers themselves. If something happens to you, the insurance will pay the outstanding balance on your mortgage to the lending institution only.
With 20/20 Mortgage Life Insurance, you are the owner of the policy. You choose the beneficiary and they may determine the best use of the insurance payment given their specific circumstances.
They might opt to pay off the balance of the mortgage, but they may also identify a use that is more significant to them such as:
- Paying outstanding bills
- Covering the cost of university/college education
- Making an investment
HOW 20/20 GIVES YOU TOTAL CONTROL OVER YOUR POLICY
3. 20/20 Mortgage Life Insurance is cost-effective and the savings are passed on to you.
Banks and lending institutions have high overhead costs because they operate multiple branches throughout Canada with all the associated expenses.
20/20 Mortgage Life Insurance costs are considerably lower. Besides a lower overhead, we make use of modern web-based technology, which allows us to further reduce the cost of our service. This means you will save 20% on average over the bank’s mortgage insurance options. Those are considerable savings that will continue to accumulate over the years you own your home.
Call Today
Hearing about 20/20 Mortgage Life Insurance for the first time and wish you had known about this option when you bought your home? Fortunately, the process to switch is quick, easy and painless. Contact one of contact one of our licensed advisors at 1-844-974-2020 or fill in our online contact form.
