Why Consider Mortgage Insurance?
The decision to purchase a home is not one taken lightly. It requires a large investment of down payment and closing costs, and usually a large financial commitment in the borrowing of money, your mortgage. Likely the largest debt you will ever have.
As a mortgage broker, I have an obligation to ensure you are offered mortgage insurance on this debt. You can choose to accept or decline it, but I have to offer it. The policy was specifically developed so that if a borrower were to die, then the mortgage would be paid to zero, leaving the family or loved ones with a home that is mortgage free. Most importantly, eliminating the monthly mortgage payment on the home. You do have other options, term or whole life insurance policies, but for here, I will explain the benefits of mortgage insurance.
The “Mortgage Protection Plan” I will offer is underwritten through The Manufacturers Life Insurance Company of Canada.
Below is a list from Manulife Financial of reasons you should consider a Mortgage Protection Plan.
Others say no, we say YES?
We are the first mortgage protection provider to offer some form of protection to everyone who submits a life insurance application, regardless of your health. As long as you are between the ages of 18 and 65, and your total mortgage obligation is less than $1,000,000, you will never be declined.
You can walk out of your broker’s office with the rock-solid assurance that you are already protected. You just have to pay the 1st premium when it is due.
Your good health still matters to us
Saying “yes” to everyone doesn’t mean that we don’t take your health into account. Everyone must provide medical information with their application. If you have some health problems, you may pay a little more, or your coverage may have some extra exclusions.
Why pay more?
Our premium rates are always attractive, whether you compare to your mortgage lender’s plan or with term life insurance. If you are shopping around, don’t be fooled by a term life insurance premium that starts out low, but then increases drastically as you get older. Depending on the type of product you buy, your premium could easily triple when you renew. When you consider the long-term obligation your mortgage represents, Mortgage Protection Plan is one of the most cost effective options available.
Satisfaction Guaranteed, or you’re Money Back
Take up to 60 days to shop around, and if you find a protection option that you like better, simply cancel and we will refund any premiums you’ve already paid.
Portable Coverage with Prior Coverage Recognition
You can transfer your mortgage whenever, wherever you like, without any fear of losing your protection. Even if additional mortgage funds are advanced, only the premium for your additional coverage will be based on your then-current age. The amount of coverage you already had will remain untouched, and can’t be taken away no matter what your health situation may be at that time.
Unlimited Life Insurance “Bridge Benefits” that are Unmatched
We will start taking care of the mortgage payments as soon as a completed life insurance claim form comes in, and will continue to do so for as long as it takes to receive all the documentation and reach a final decision about the claim.