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Life Insurance

Your mortgage is the single largest purchase you will likely make in your life. Therefore, insurance coverage is an important consideration. In addition to my mortgage brokering license, I also have a life insurance brokering license. You are not required to take life insurance on your mortgage but many times there is a practical side that begs the question “what happens if something happens?” Why wouldn’t you protect your largest investment?

 

Mortgage insurance (often referred to as creditor insurance and offered by many financial institutions) and life insurance are VERY different and here is why you may want to consider getting LIFE INSURANCE in place now:

 

Remember life insurance is most cost effective when you are young and healthy…it’s cheaper to buy 10 years too early then 1 minute too late!

Personal Life Insurance

  • Insurance amount and premium stays the same for the term of the policy
  • Choose your beneficiary
  • Underwriting done prior to the policy being issued
  • Coverage is guaranteed once policy issued
  • Choose how much insurance you want
  • Change mortgage lenders and it does not affect life insurance

Mortgage Insurance

  • Insurance amount declines as your pay your mortgage down – premium stays the same
  • Mortgage lender is the beneficiary
  • Underwriting commences when your family makes a claim
  • Coverage is NOT guaranteed
  • Maximum insurance is loan amount
  • May need to re-apply for life insurance if you change mortgage lender

Being a life insurance broker gives me the option to customize an insurance package to include any of the below to fit your needs.

Contact me to find out more about Life Insurance

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