When it comes to securing the purchase of a home, you may not be aware of all the options for insurance. Chances are if you own a home, you have either the required CMHC insurance (if your down payment was less than 20%) or the standard bank-issued Mortgage Protection Insurance. Learn how 20/20 Mortgage Life Insurance works and why it might be a better fit for your insurance needs.
The purchase of a home is likely to be one of your biggest investments, so you need to protect it. Mortgage Protection Insurance is designed for that exact purpose, but because there are so many options out there, it’s important to do your research before you decide which product you want to go for.
Some questions you should ask yourself to determine which mortgage insurance product is best for you to include:
- Who do you want to protect?
- How do you want the funds to be used?
- How often do you want to requalify?
- Do you want flexibility in your mortgage?
AIME Provides Mortgage Protection Insurance That Always Work In Your Favour
We are aware of the limitations of traditional mortgage insurance and at AIME we developed a product that is convenient, transparent and affordable. Our experts have designed a product that is much more cost-effective and that is focused entirely on your best interests.
Want to know more?
How Does 20/20 Mortgage Life Insurance Work?
You Choose a Beneficiary
Unlike with the mortgage life insurance offered by the banks, where the bank is automatically the beneficiary, with 20/20 Mortgage Life Insurance you decide who receives the payment in the case of your unexpected death.
Your Beneficiary Decides How to Use the Life Insurance Payment
This might not sound like a big deal until you think about it. If you were to die, and had a bank-issued mortgage life insurance, the bank is the beneficiary. This means that the payment will go to them to cover the balance of your mortgage. While this may be what your family wants, at other times, there may be alternative uses for the payment that would be more beneficial to your family.
20/20 Mortgage Life Insurance provides your loved ones the choice to continue making monthly mortgage payments while using the insurance payment for other expenses, such as outstanding debts or secondary education.
HOW 20/20 MORTGAGE LIFE INSURANCE GIVES YOU TOTAL CONTROL OVER YOUR POLICY
You are Covered In Every Situation
You will renew your mortgage several times before it is completely paid off. You might even want to move the mortgage from one bank to another lender. With traditional insurance, you will be required to requalify each time you renew. This means that the cost of your insurance will increase as you age and if you become ill, you may not qualify at all.
20/20 Mortgage Life Insurance covers you for the duration of the policy term. You can change lenders and renew your mortgage as often as you like without needing to be concerned about the cost of your life insurance increasing over time. Your payments will remain the same.
You Save Money
20/20 is Canada’s first fully digitized paperless mortgage life insurance. Our operating costs are significantly less than large banking institutions and we pass these savings along to you. We can offer you a cost savings of up to 20%.
Enjoy Total Protection With 20/20 Mortgage Life Insurance
20/20 Mortgage Life Insurance was designed to protect your loved ones and your home. If you have questions about the benefits or are curious how much it will cost, 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.
