Are you considering buying insurance? From critical illness coverage to mortgage life insurance, here are 6 things you need to consider first.
For most Calgarians, your home is the biggest investment you have, and a large part of your income is probably spent on monthly mortgage payments. So what would happen if your family no longer had your income?
20/20’s Mortgage Life Insurance is designed to protect the roof over your family’s head, and give you peace of mind, knowing your loved ones can keep the family home, in case you become disabled or die prematurely.
Some of the great benefits of mortgage life insurance are:
- it’s affordable
- it often requires very little underwriting
- in case of your early passing, it provides your family with a clear mortgage
- it provides financial stability during life’s hardest moments
20/20 Offers Affordable and Flexible Mortgage Life Insurance
At 20/20, we pride ourselves on making mortgage life insurance as accessible, transparent, and affordable as possible. Our licensed agents can work with you to help find the insurance product that is best suited to your family’s unique needs.
Want to know more?
6 Things to Consider Before Buying Insurance
Insurance is a significant investment and, as with any large purchase, you want to make sure you’re getting your money’s worth. Whether it’s critical illness coverage or mortgage life insurance, it’s important to consider the following before making any purchases:
- Do your homework. Before investing in an insurance product, you must shop around. Remember to ask yourself: who can best fulfil my needs? Today, you can buy insurance through an agent, broker, or even buy it directly online.
- Buy insurance that allows you to maintain your existing standard of living. While insurance is an excellent way to protect yourself from any risks, you don’t need it for events that won’t severely strain your finances. Start with basic needs (mortgage, auto, disability) and then, if your budget allows, include other needs (eg. cellphone insurance).
- Check to see what the policy doesn’t cover. EVERY insurance policy has exclusions and it’s important to ask your insurance provider to explain all of these to you, so you can avoid any nasty surprises down the road.
- Bundle several policies with one insurance carrier. There can be value in bundling several policies with one insurance carrier. At 20/20, a disability and critical illness coverage can be purchased together with mortgage life insurance to give you comprehensive and total coverage.
- Do a yearly review of your insurance needs. As your family grows, your insurance needs will no doubt evolve, so it’s important to regularly review your insurance policies. Whatever the changes, you must make sure that you’re covered for any new risk exposures, so talk to your insurance provider about how they can help you stay on top of your insurance needs.
- Take steps to minimize your risk and prevent losses from occurring. Risk management can go a long way in helping you stay protected and keeping your finances in check. In addition to getting the right insurance, taking steps to minimize your risk can help you be prepared and stay ahead of any unexpected circumstances.
Call Today
To find out more about the costs and benefits of our Mortgage Life Insurance products, or to talk to a licensed agent about how we can help meet all your insurance needs, contact us at 1-844-974-2020 or fill in our online contact form.
