Have you recently bought a new home? Here’s everything you need to know about the process of buying mortgage life insurance.
If you are like most Calgarians, your home is one of the biggest and most important investments you’ll ever make, which is why it’s so important to purchase products such as a mortgage life insurance policy.
How does this work? If one of the breadwinners dies, or becomes disabled/critically ill, an MLI payout can help your family:
- Keep up with the mortgage payments
- Stay financially secure
- Remain in the family home
- Pay off any outstanding debts such as education costs or credit card bills
Above all, purchasing a mortgage life insurance policy will give you the peace of mind that comes with knowing that no matter what happens, your family will always be taken care of, and that is something you cannot put a price on.
20/20 Mortgage Life Insurance Works to Take Care of Your Family and Home
At AIME, we have created a comprehensive and affordable mortgage life insurance policy that can be customized to suit your specific needs. Whatever curveball life throws your way, 20/20 MLI can help ensure that your family always remains financially protected.
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Buying Mortgage Life Insurance: 3 Steps To Follow
There is no denying that mortgage life insurance is an extremely convenient and important product that will work to protect your home, family, and everything that you value. However, before purchasing a policy, it’s important to do your research and ensure you’ve found the right product for your specific needs.
Here are some tips on how to do your research and discover if MLI is the right type of insurance for you.
1. Work With a Licensed Agent
While you don’t need to be a financial expert before purchasing a mortgage life insurance policy, you may want to consider connecting with a licensed agent. Such a professional can help you navigate the often complex waters of buying insurance and can ensure you find the right product for you.
In addition, a licensed agent will:
- Help you avoid any undesirable surprises by taking you through the nuances of buying insurance.
- Provide you information on all the different types of insurance, including disability and critical illness coverage, to ensure you have the most comprehensive policy.
- Inform you of any application updates.
- Help you find a product that suits your unique needs.
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2. Ask The Right Questions
To make sure that you are getting the best deal at an affordable rate when considering mortgage life insurance, you must ask the right questions to your provider. These include:
- Who receives the payout?
- Does the policy include critical illness and disability riders?
- What happens if i switch mortgage lenders?
- How can I go about canceling my policy?
- Will my payment automatically cancel once my mortgage is paid off?
The answers you receive can help you narrow down your options and ensure you find a product that works for you.
Why Choose 20/20 MLI
- It’s flexible
- You can choose your beneficiary
- It’s portable, meaning you can keep your policy even if you switch lenders
- Your premiums will never increase
3. Apply For Coverage
Once you’ve decided which insurance company to work with, it’s time to apply for coverage. Depending on the company you’ve chosen, you may need to undergo a medical exam and fill out some paperwork.
At 20/20: All of our applications can be done over the phone, significantly cutting down the time you spend waiting to hear about your approval. In addition, most of our policies don’t require medical exams.
Once you are accepted for coverage, you can move on towards finalizing all the details. You must provide your insurance company with payment information and make sure you receive a copy of your policy, which is important to keep on hand.
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.
