Mortgage life insurance rates are more affordable than term or whole life insurance, but is it the best deal out there?


For the majority of Canadians, and people worldwide, your home is likely to be the biggest investment you’ve ever had. This means that a large percentage of your income and budget is spent on your monthly mortgage payments. But what happens if you die prematurely or are injured, and your family can no longer rely on your income?

20/20 Mortgage Life Insurance was designed to protect your loved ones and your family home, and give you peace of mind knowing that your family could live in a mortgage-free house and enjoy financial stability when you are gone.

Affordable and Flexible Mortgage Life Insurance Rates

Are you looking for comprehensive mortgage life insurance at affordable rates? At AIME, we understand just how important your family home and loved ones are, which is why we have created 20/20 Mortgage Life Insurance. Unlike traditional bank-issued MLI, 20/20 Mortgage Life Insurance offers affordable rates, customizable coverage, and always works in your favour.

Want to know more? 

20/20 MLI

4 Things to Consider Before Purchasing Mortgage Life Insurance

If you are seriously considering purchasing mortgage life insurance, then it’s important to do your homework and learn whatever you can about this insurance product. Before buying MLI, here are two things you must consider first:

  1. Your Overall Health

When compared to whole life and term life insurance, mortgage life insurance is generally the quickest and easiest to qualify for. Typically, you don’t need a physical or medical exam, which works in favour of individuals that have major health risks or other underwriting concerns.

  1. MLI Has Living and Death Benefits

A well-structured mortgage life insurance program will have both living benefits and death benefits. An experienced and licensed insurance agent will know that it’s in your best interest to structure your mortgage life insurance program with disability and critical illness coverage.

Why? One of the most common reasons families end up facing foreclosure is because the primary breadwinner is unable to work due to critical illness or disability. By adding such riders to your policy, you’ll be able to pay your monthly mortgage payments without your income.

  1. Your Mortgage Company Does Not Have to be Your Named Beneficiary

With 20/20 Mortgage Life Insurance, one of the biggest benefits you receive is that you can name your own beneficiary. This means that your spouse or other family members can use your payout in whichever way will be most beneficial to them, whether that’s paying off the mortgage or paying school fees or credit card debt.

  1. Mortgage Life Insurance is not Private Mortgage Insurance

While most homeowners mistakenly believe that private mortgage insurance and mortgage life insurance are the same thing, it’s important to understand that they are very different.

  • Private mortgage insurance (PMI) is designed to protect the mortgage company, not you, in the event that you default on your mortgage payment.
  • Mortgage life insurance aims to protect you and your loved ones in the event of unexpected life events. 

PMI vs MORTGAGE LIFE INSURANCE

Call Today

To find out more about our affordable and customizable mortgage life insurance products and how we can help protect your family and home, contact one of our licensed agents today at 1-866-587-3366 or fill in our online contact form.

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