Mortgage Insurance 2017-11-25T06:45:35+00:00

MORTGAGE INSURANCE

Your mortgage is a big financial responsibility and may be your costliest monthly expense. Have you ever considered what might happen in the event that you or your partner becomes critically ill or disabled and is unable to pay the premium?

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THE DIFFERENCE BETWEEN INSURANCE FROM A LENDER AND INSURANCE FROM A BROKER

When you apply for a mortgage, your lender may offer you mortgage insurance. This coverage protects your mortgage loan but there are limitations such as:

  • Coverage only for the individuals listed on the mortgage
  • Coverage for the balance of your mortgage only
  • In the event that one of you passes, the mortgage lender is automatically the beneficiary
  • If you cancel you lose what you already paid

Mortgage insurance and life insurance from a broker, on the other hand, offer a number of features that mortgage insurance from a lender does not, including:

  • It protects you, your partner and your children
  • It can cover whatever you need it to cover including your mortgage and other debts such as lines of credit and credit cards
  • You assign your own beneficiary
  • Upon cancellation you may have an opportunity to regain some of your premium payments

Get Maximum Coverage

You deserve to know exactly what you’re buying into. When it comes time to sign mortgage papers with your lender, it is not uncommon to feel pressured or rushed into a decision about mortgage insurance. Resist. Take your time. Do your due diligence. An insurance broker like IBMG Canada can help you understand the system and present you with all the options available to you before you’re required to make a final decision.