Are you about to purchase a home and considering your options for mortgage insurance? Wondering how 20/20 Mortgage Life Insurance is different from the insurance you are offered by the bank when you sign? Here are 5 Frequently Asked Questions about 20/20 Mortgage Life Insurance.
There are many things to consider when buying a home, such as what you can afford and which area you want to live in. However, one important factor that often gets forgotten is how you are going to protect this huge investment.
Many Calgarians fail to think about this because they are unaware that there are alternatives to the traditional bank-issued mortgage insurance offered when you sign your mortgage agreement.
AIME MAKES MORTGAGE LIFE INSURANCE FLEXIBLE, AFFORDABLE, & TRANSPARENT
Are you curious to learn how we meet our goal of making mortgage life protection as transparent, affordable, and flexible as possible? Our licensed agents are on hand to help you choose the best MLI product that suits your family’s unique needs.
Contact us today!
CALGARY MORTGAGE LIFE INSURANCE
5 FREQUENTLY ASKED QUESTIONS ABOUT MORTGAGE LIFE INSURANCE
When you sign your mortgage at the bank, you are offered mortgage insurance, and many of us take it, unaware that there are alternatives.
What is mortgage insurance? In the event something happens to you, the bank’s insurance will cover the outstanding debt owed to them, and the mortgage will be paid off in full.
20/20 Mortgage Life Insurance offers you greater control over what happens with the insurance payment and that flexibility might be just what your family needs in the event of your premature death.
1. How Much is Mortgage Life Insurance?
Affordable 20/20 Mortgage Life Insurance is an alternative to the traditional bank or lenders' insurance. Because of the lower operating costs compared to banks, these policies can save you on average 20% over your bank policy. In addition, your rates won’t increase when you remortgage, but rather remain the same for the length of your policy.
2. When Should I Get Mortgage Life Insurance?
You should consider mortgage life insurance whenever your answers to the following questions leave you feeling concerned about your loved ones in the event of your death:
- If you unexpectedly die or become disabled, who are you leaving your debt to? Will they be able to manage it?
- Can your spouse and/or family afford to pay the mortgage without your income?
- Will your spouse and/or family be able to stay home and care for your children and themselves for as long as they need?
- Can your spouse and/or family afford additional outstanding debts you may have at the time of your death?
3. Does MLI Cover Me If I Am Sick or Injured?
No. Mortgage life insurance covers you only in the event of your death, but you can opt to add critical illness or disability insurance to your policy. Critical illness and disability insurance each provide a lump sum payment that will help cover the costs of lost income, in-home treatment, and any necessary equipment or home modifications required for your recovery.
MORTGAGE CRITICAL ILLNESSMORTGAGE DISABILITY
4. Who Gets the Money from The Mortgage Life Insurance If I Die?
Unlike with the traditional, bank-issued mortgage insurance of the bank, mortgage life insurance leaves the decision of your beneficiary entirely up to you. MLI also offers flexibility regarding how the funds are used. Your beneficiary may choose to pay off the mortgage, but they may also decide to take time off work to care for children or pay off other debts as a more prudent use of the money at the time.
5. What Happens When I Remortgage My Home or Change Banks?
Nothing. By that, we mean your mortgage life insurance remains in place as it always has for the duration of your policy, regardless of the lending institution you choose. You don’t need to requalify for insurance, as with the banks. With 20/20 MLI, you choose the policy duration at the beginning and it remains in place for that entire time at the same rate.
EVERYTHING YOU NEED TO KNOW ABOUT SWITCHING MORTGAGE LENDERS
Mortgage Life Insurance Provides the Best Coverage for Your Loved Ones
Are you looking for affordable mortgage life insurance options? If you’re concerned about your family’s financial security, and their ability to pay the mortgage payments in the event of your death or injury, then you should seriously consider purchasing mortgage life insurance.
Still unsure? To find out if mortgage life insurance is the right product for you, one of our licensed agents can conduct a needs analysis to help you settle on the right option. To find out more, or to begin the process, contact us at 1-844-974-2020 or fill in our online contact form.
