Mortgage Life Insurance in Canada: What to Know
Buying a home is a very important decision that you will make. As a homeowner, it’s important to protect that investment in case anything unexpected happens. This is when mortgage life insurance comes in.
What is Mortgage Life Insurance?
Mortgage life insurance is a type of life insurance policy that is designed to pay off your mortgage balance in the event of your death. This can help ensure that your loved ones are not burdened with mortgage payments and can continue to live in their home. Mortgage life insurance can provide peace of mind for both you and your family.
Mortgage Insurance vs. Life Insurance
It’s important to note that mortgage life insurance is different from traditional life insurance. Traditional life insurance provides a lump-sum payment to your beneficiaries in the event of your death. Mortgage life insurance is designed specifically to pay off your mortgage balance.
How Much Does Mortgage Life Insurance Cost?
The cost of mortgage life insurance in Canada can vary depending on a number of factors, including your age and the amount of your mortgage. It’s important to shop around to find the best rates and coverage for your specific needs and get the right life insurance for a mortgage.
Why Choose Enrich Insurance Group?
Enrich Insurance Group has years of experience in the mortgage industry and we can help you navigate the complex world of mortgage life insurance. We work with the best mortgage life insurance companies to help you find the best rates and coverage for your needs. With Enrich Insurance Group, you can be confident that you’re getting the best possible protection.
It is important to speak with a qualified insurance professional about your particular insurance needs. A mortgage advisor is typically not licensed to advise regarding insurance options, which is why at Enrich Insurance Group, we have a dedicated team of advisors, who are licensed, experienced and knowledgeable about a wide variety of insurances.
Preparing for an appointment with an insurance agent:
- Gather up all of your existing insurance policies, such as your employer-employee benefits package and any creditor policies you might have.
- Make a list of your assets, liabilities and dependents.
- Make a list of questions ahead of time – it’s easy to forget what you really wanted to ask when you get busy, make sure to write it all down, so you can get answers to your most pressing questions.
- Be prepared to discuss health matters, so that your advisor knows how to best tailor the insurance quotes and policies to fit your particular needs. You don’t want to pay for something that’s not a good fit.