If you are a new homeowner, one of the best ways you can protect your mortgage and your investment is by purchasing mortgage life insurance. With this policy, you have the peace of mind knowing that your mortgage will be paid in full, and your loved ones would never lose their home, in the event of a sudden accident.
However, despite some of the obvious benefit of bank-issued mortgage life insurance, this product has limitations, including:
- While your rates don’t decrease, your coverage does as you pay off your mortgage.
- Your death benefit will go to the lender, not your family.
- If you move houses, you will have to requalify for a new mortgage life insurance, and in most cases, your premiums will be much higher.
Protect Your Home and Family With 20/20 Mortgage Life Insurance
At AIME, we have created 20/20 mortgage life insurance that is designed to be more accessible, transparent, and free of the many drawbacks of bank-issued MLI. Our experts have designed a product that is much more cost-effective and that is focused entirely on your best interests.
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Switching Lenders: Why Does it Happen?
When your mortgage term comes up for renewal, there are several decisions that you will have to take, the most important being whether or not you want to stay with your current lender.
In some cases, people will choose to switch their providers for reasons including:
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They want to obtain a lower rate. If another lender is offering a more competitive mortgage rate than your current provider, switching could save you potentially thousands of dollars in interest charges.
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They are looking for better terms and conditions. If a new lender is offering you better prepayment options than your current provider, then switching will not only save you additional interest costs, but it will also allow you to pay off your mortgage much faster.
20/20 Makes Switching Lenders Easy
Although switching lenders might make the most financial sense, doing so with a bank issued mortgage life insurance isn’t easy! This is because a bank-issued MLI comes with:
- The need to re-qualify for MLI at an older age
- Higher premiums
- More collateral charges (eg. legal, discharge, or appraisal fees)
Sadly, this presents a huge roadblock for homeowners who deserve the choice of transferring out to another lender.
With 20/20, Your Mortgage Life Insurance Policy Belongs to YOU!
At AIME, we designed the 20/20 MLI product with our customers in mind. Our team wants to ensure that you can access mortgage protection insurance at a fair price and with as much flexibility as possible.
That’s why, at AIME, you own your own mortgage life insurance, which means that your coverage is not linked in any way to the lender.
How does this change things? This means that, unlike with bank-issued MLI, you can switch providers without any impact on your policy and continue to pay the premium that was originally quoted to you when you first signed up.
Enjoy Total Protection With 20/20 Mortgage Life Insurance
Are you looking for a way to protect your loved ones and family home? Then look no further than 20/20 Mortgage Life Insurance. To find out more about the costs and benefits of our MLI policies, visit our office at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2.
Alternatively, you can contact one of our licensed advisors at 1-844-974-2020 or fill in our online contact form.
