Are you considering purchasing mortgage life insurance to protect your home and family? Here are some top tips on how to get the best mortgage life insurance rate.
Becoming a homeowner and taking out a mortgage can be a scary prospect. Now imagine if the household’s breadwinner suddenly dies. How will your family make the payments? Mortgage life insurance is one way.
The idea behind this kind of insurance is very simple: you pay a premium, which stays the same for the duration of your policy. If you die during this time, your mortgage will be paid off in full. Other benefits of mortgage life insurance include:
- It’s cheaper than life insurance
- You may not be required to undergo a medical exam
- It can help you if you become disabled or ill and are unable to work
- It pays off your mortgage in full
- The death benefit can also be used for education, funeral costs, credit card debts, etc.
Enjoy Comprehensive Cover at Affordable Mortgage Life Insurance Rates
If you are a new homeowner and you’re looking for comprehensive cover, 20/20 offers mortgage life insurance at affordable rates. In addition, you can also add disability and critical illness riders to your policy, so no matter what happens, you are always covered.
Want to know more?
How Mortgage Life Insurance Rates are Calculated
Some of the main factors that are considered when determining your mortgage life insurance rate include your age and gender if you smoke, your mortgage balance, and your home’s total value.
The good news? In most cases, you don’t need to take a physical exam to buy MLI, which opens the window to getting life insurance without jumping through all the hoops.
Mortgage Life Insurance Provides You Coverage In Any Situation
One of the greatest benefits of mortgage life insurance is that it offers you comprehensive protection if you become critically ill or injured and are unable to work. A policy may continue to pay your mortgage until you are able to get back on your feet financially again.
Tip: If this interests you, make sure to read the fine print or talk to a licensed agent to make sure that this is a part of your policy.
How to Find The Best Mortgage Life Insurance Rate
As you can see above, purchasing a mortgage life insurance policy is an affordable way to protect your family and home in the event of your death, illness, or injury, as it will ensure the full repayment of the outstanding balance of your mortgage.
In addition, your family can use your death benefit for:
- Funeral expenses
- Credit card debts
- Education costs
- Day to day expenses
However, before you purchase an MLI policy, it’s important to do your research and shop around to ensure you are getting the best rates. Two ways to do this include:
1. Use a Mortgage Life Insurance Calculator. Today, you can do a lot of your own research about MLI rates online using a mortgage life insurance calculator. Such a tool will allow you to determine the average policy cost by taking into account your age, health status, total home value, and more.
How an MLI Calculator Saves You Money
2. Talk to a licensed agent. Once you have used the calculator and are more informed, you can talk to a licensed insurance agent. Such a professional can guide you through the whole process and find you a product that suits your unique situation.
Call Today
To find out more about the costs and benefits of 20/20 Mortgage Life Insurance and how our agents can help customize your policy to suit your individual needs, 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.
