What is Mortgage Protection Insurance and Its Coverage?

You can buy mortgage insurance if you need money during the financial hardships or financial crisis due to unexpected life events. You can buy mortgage insurance to get the money during these tough times. 

Your beneficiaries will receive the money in case of any unexpected events. To be eligible for this insurance you need to be a citizen of Canada aged between 18 – 64. You need to be a borrower or co-borrower or guarantor of the account which is in good standing.

We as an insurance company offer different coverages for the mortgage protection insurance. We help you choose the best insurance as per your needs. We provide the right guidance to help to make the right decisions. This is an optional insurance product.

We offer premiums and discounts on our insurances. The monthly premium is based on your age and the amount of mortgage at the time of application. The younger you are the less you pay so you should buy insurance early in age. 

We offer a 20% discount on premiums and you can easily check our detailed premium rate tables.

Types of Mortgage Protection Insurance Plans

The different types of mortgage insurance coverages are:

  • Critical Illness Coverage

In case you are diagnosed with critical illness you can pay an outstanding amount on your account upto $500,000 of all the insured mortgages combined. The insurance terminates on the date your illness coverage is approved.

  • Life Coverage

If you pass away then you can get an outstanding amount on your account upto $100,000 of all the insurance mortgages combined. The mortgage terminates on the date of your death. 

  • Disability Coverage

If you become disabled and are unable to work then you can get a coverage on your account upto $35,00 per month for a maximum of 24 months per disability per mortgage.

You can select your insurance and if you are not happy with it then you can cancel it within 30 days and get a full refund of the premium paid.

Benefits of Buying Mortgage Protection Insurance

  • You can keep your coverage even as you pay off your mortgage.
  • You can keep your coverage even if you move to another place
  • You have the right to select a beneficiary to inherit the death benefit.
  • The money that the beneficiaries get can be used for paying for mortgages, debts, cost of childcare and the living expenses.

Details of a Mortgage Protection Coverage

In this mortgage protection only two borrowers per mortgage can have protection.

You need not apply for this optional insurance coverage to be approved for a mortgage.

Ways of Getting Information about the Insurance

You should buy insurance that helps to cover your financial needs. You can easily get a quote and we offer advisors who can help you get started with your insurance. The advisor will identify your needs and requirements and offer the best solutions to reach your goals. 

  • You can get good information about the insurance online and even a quote,
  • You can request a call and find out about the insurance. Our advisors guide you to make the right decisions. 
  • We can help you find an advisor near you to know about the insurance products we offer.

What to Decide Before Buying the Insurance You Need?

Insurance helps to protect your mortgage and your family’s future. Before you buy insurance you should decide on key points like 

  • For how many years you will be covered by the insurance like 15, 20 or 25 years?
  • What is the cost of the insurance and will you be able to afford the monthly or the annual fee? Is it low cost?
  • What will happen if you die during the term? Who will be the beneficiary?

If you are not able to make a decision then visit us. We can help you make all the right decisions to protect your family financially.

This insurance is different from the mortgage insurance through a bank or lender. When you take mortgage insurance through a bank or lender the money goes to the bank rather than the beneficiary in the event of death. It can be used to pay some or all of the amount owed on your mortgage.