Do I Need Mortgage Life Insurance?

We believe the insurance industry has made the whole topic of what type and how much life insurance a family needs unnecessarily complex. Life insurance is intended simply to provide families with the financial resources either to (1) pay off outstanding liabilities or (2) provide an adequate income, in the event of the premature death of a primary income earner.

Since the largest financial obligation of most Canadians by far is their mortgage, we think it makes sense to protect that risk first, and that is what Mortgage Life Insurance or Mortgage Protection Insurance is designed to do. It provides an affordable, easy to purchase solution to give you the comfort and peace of mind that your mortgage will be paid off and your family will never lose their home no matter what happens with your health. The best time to take care of this is when you are applying for a new or increased mortgage because the reality is that this is when you are most likely to be thinking about this important question concerning your family’s future well-being.

Mortgage Life Insurance coverage is ideal for:

  1. Newlyweds and young families
  2. Individuals that do not wish to deal with a life insurance agent or broker.
  3. Individuals that want an easy approval process and don’t want to complete lengthy medical questionnaires and examinations
  4. Families who wish to easily and inexpensively add coverage that will pay the monthly mortgage payments in the event of a disability or life altering disease.

Unlike the banks who can only sell creditor or mortgage life insurance products in their branches, AIME Financial also provides a range of individual life insurance products that can also help families provide an adequate source of income replacement, which is the other main purpose of life insurance.

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