One of the biggest limitations of bank-issued mortgage life protection is that it’s extremely inconvenient to switch lenders. However, with 20/20, you can get an affordable & customized MLI policy that is always working for you.
>Whether you’re a new homeowner or not, if you still owe on your house, you may want to consider purchasing mortgage protection. With an MLI policy, you will have peace of mind knowing that your mortgage will be paid in full, and your loved ones looked after, in case you were to die prematurely, become ill, or disabled.
However, traditional, bank-issued mortgage protection does come with some significant drawbacks, which makes people hesitant to purchase it. This includes the fact that:
- Your rates don’t decrease, but your coverage does, as you continue to pay off your mortgage.
- The payout from your policy will be given to your lender (the bank) and NOT your family
- If you decide to move houses, your policy won’t move with you. This means, you’ll have to requalify for a new policy and oftentimes, your premiums will be higher.
Our Mortgage Protection Products Puts Your Interests First
When the team at AIME designed 20/20, the aim was to give Canadians access to a more transparent and affordable mortgage protection product, compared to the ones offered by the banks. Not only is our product is much more convenient and cost-effective, but it’s also focused entirely on your family’s best interests.
Want to know more?
Switching Lenders: 20/20 vs Traditional Banks
Are you buying a new home, or simply wish to move to another lender? Unlike the banks, the team at 20/20 wants to make this process as simple and stress-free as possible for you.
Switching Lenders with a Bank Issued MLI
If you want to move your mortgage to another lender, or if your home is sold, your bank policy will be cancelled. This means that you’ll have to re-qualify for mortgage life insurance. You will be older, and this often leads to higher premiums and more hassle.
Switching Lenders with 20/20
At 20/20, our aim is to make purchasing and handling your mortgage life insurance policy as straight-forward, simple, and convenient as possible. Therefore, your 20/20 coverage is not linked in any way to the lender.
What does this mean? You can switch mortgage providers without any impact on your policy. You’ll simply continue paying the premium that was originally quoted when you first signed up.
AIME’s 20/20 mortgage life insurance product helps you avoid:
- The need to requalify for MLI
- Higher premiums
- Collateral charges associated with switching (eg. legal fees, appraisal fees, and discharge fees)
How Can I Cancel My Bank Coverage and Switch to 20/20?
Are you looking for mortgage life insurance that is more comprehensive, affordable, and transparent? Do you want a policy that will look after you and your loved ones? Then why not switch to 20/20 today?
All you have to do: Switching from your existing bank issued MLI is free and straightforward. Here are the steps on how to make the change:
- Inform us that you want to cancel your bank-owned plan.
- Our agents will send you the confirmation of coverage for your personal records
- We will provide you with a cancellation letter to sign and send to your bank.
Get Started Today
To join the AIME financial family, and to find out how we can provide you with a customized mortgage protection plan that is perfectly suited to your family’s unique needs, contact us today at 1-844-974-2020 or fill in our online contact form.
