Whatever your needs, we have created a transparent, affordable, and fully customizable policy that always works to keep you, your home, and your loved ones protected.
It’s uncomfortable to talk about the ‘what ifs’, but the fact is, mortgage life insurance is the ultimate gift to those you love.
In fact, this product will ensure that:
- Your family is financially protected against life’s uncertainties.
- Any mortgage debt your loved ones have can be easily repaid.
- Day to day expenses and obligations (such as education) are always covered.
- Your family will always have a roof over their heads.
However, not all mortgage life insurance is created equal. You owe it to yourself and your loved ones to make an informed choice.
Choosing The Right Mortgage Life Insurance: Banks vs 20/20
While purchasing mortgage life insurance is an important first step to protecting your home and your family, you have to make sure that you do your research and find the product that best suits your needs and puts YOU first.
To help get you started, here are some important differences between bank issued MLI and 20/20 MLI that you should know about:
1. Banks Make Mortgage Life Insurance Easy (For Themselves)
- Banks may make it easy for you to obtain mortgage insurance but the death payment is payable directly to the bank, and not your beneficiary. Shouldn’t those left behind get to decide how to manage your estate?
- If the worst happens, the bank will only pay out the outstanding debt. This means the payouts diminish as you pay down your mortgage, but your premiums don’t.
- Your mortgage insurance is tied to the bank, which means you have to re-apply when you move your mortgage to another bank or renew - often for higher premiums. This is usually the case when you renew your mortgage too.
2. It’s a myth that mortgage insurance through a bank is cheaper. It’s typically not.
- Everyone pays the same premium so there are no discounts for being healthy or a non-smoker for example.
- Banks do something called “post-claim underwriting”. That means they only determine if you qualify after a claim is made. At which point they can decide you never qualified anyway, so end up not paying your beneficiary anything - even though you’ve paid years of premiums.
- So while mortgage insurance through the bank may work for them, it certainly doesn’t work for you.
3. 20/20 Mortgage Life Insurance Was Designed With You In Mind
- 20/20 Mortgage Life Insurance provides protection with you in mind. Our goal is to provide everyone with flexible protection at an affordable price.
- In case of death, we pay directly to your beneficiary, so they have the freedom and flexibility to manage the estate as they see fit.
- Your coverage is not linked to a lender, so you can switch mortgage providers anytime without any impact on policy or price. (Switching Made Easy with 20/20)
- 20/20 Mortgage Life Insurance is on average 20% cheaper, saving you thousands of dollars over the life of your mortgage. We’ve streamlined the process with fully digitized, paperless mortgage protection.
- 20/20 empowers individuals to secure their family’s future, and achieve peace of mind today. We want mortgage life insurance to be affordable, accessible and all about protecting those who matter most.
Convenient Insurance With MLI
Applying For MLI Has Never Been Easier
At 20/20 we’re all about flexibility. Here are a few ways to learn more about how we can improve your coverage AND save you money!
Just apply online. We are the first organization in Canada offering a comprehensive, end-to-end online application process for Mortgage Life Insurance. Our streamlined online platform lets you get the protection you deserve from the comfort of your own home. Check out our website for more information and frequently asked questions.
Contact Us
Call our trained, nationally-licensed agents available to answer any questions. Our team is ready to patiently take you through the application process, ensuring that all of your information is treated with the utmost confidentiality. We understand this is a big step and are well-equipped to make this both a positive and educational experience for you.
