Mortgage insurance
Safeguard your tomorrow with einsured.ca – Elevate your financial security through Mortgage Life Insurance.
Congratulations on reaching a significant milestone in life—owning a home!
Now, let’s ensure you have the right mortgage insurance to protect your investment. While your lending institution may offer insurance options, they often come with limitations.
That’s where we come in.
At einsured.ca, we specialize in providing tailored mortgage insurance solutions that give you more control and better coverage.
What to consider when choosing Mortgage life insurance
- Continuity of coverage: Unlike traditional mortgage insurance, it’s important to select a policy that stays with you, even if you switch lenders during your mortgage renewal. This guarantees uninterrupted protection throughout the duration of your loan.
- Personalized contracts: Look for plans that empower you to make decisions that matter. With our insurance, you own the contract and have the freedom to choose your beneficiaries.
- Stable premiums: Choose a premium that is based on your unique profile and health condition at the time of obtaining the insurance. This ensures peace of mind and long-term financial stability.
Did You Know?
Opting for a mortgage life insurance from an insurance company is more cost-effective compared to obtaining it from a bank. By choosing the right plan, you can save on insurance premiums while enjoying comprehensive coverage.
In case of any unfortunate event, your insurance not only covers your mortgage payments but also extends to other loans you may have. This guarantees that all your financial commitments are taken care of during challenging times.
Coverage adapted to your needs
We offer two essential insurance options designed to cater to your specific requirements.
Pick-A-Term:
- With Pick-A-Term mortgage insurance, you receive comprehensive coverage for all your financial commitments under a single policy. This flexible solution allows you to choose the insurance term that best suits you, ranging from 10 to 50 years. Your premiums remain unchanged throughout the chosen term, and you even have the option to convert your term insurance into permanent life insurance when needed.
Universal Loan Insurance:
- Universal Loan Insurance protects your debts in the event of disability. It enables you to repay the balance of your debts, either partially or in full, while you are on disability leave. This coverage is also available for tenants, ensuring their financial security.
Choose the right life insurance with einsured.ca
When it comes to protecting your family and mortgage, life insurance is the ideal solution. Opting for the right insurance policy ensures direct safeguards for both you and your family, rather than solely benefiting the lender.
At einsured.ca, we simplify the process of selecting the best life insurance plan from Canada’s top insurance providers. Our licensed life insurance advisors are here to guide you and create a personalized plan to protect your mortgage and your family’s future.
Don’t settle for generic mortgage insurance. Take control of your financial security today!
Contact us for a meeting and let’s find the perfect life insurance solution that meets your needs.
Significance of mortgage insurance
Mortgage insurance, also known as mortgage protection insurance, is designed to provide financial security for homeowners and their families in the event of unforeseen circumstances.
There are several reasons why individuals may find it necessary or beneficial to take mortgage insurance:
Financial Protection for Loved Ones:
One of the primary reasons to consider mortgage insurance is to ensure that loved ones are financially protected in the event of the policyholder’s death. The insurance pays off the remaining mortgage balance, preventing the surviving family members from inheriting the burden of mortgage debt.
Securing the Family Home:
For many families, the home is a significant asset and a place of sentimental value. Mortgage insurance helps secure the family home, allowing surviving family members to continue living in it without the threat of foreclosure due to an outstanding mortgage.
Ensuring Loan Repayment:
Mortgage insurance guarantees that the outstanding mortgage balance is repaid, ensuring that the lender receives the full amount owed. This can be especially crucial in situations where the primary breadwinner passes away, and the family may face challenges meeting mortgage payments.
Peace of Mind:
Mortgage insurance provides peace of mind for homeowners, knowing that their loved ones will be protected from the financial strain of mortgage debt. This peace of mind allows individuals to focus on their daily lives without the constant worry of what would happen if they were no longer there to support their family financially.
Coverage in the Event of Disability or Critical Illness:
Some mortgage insurance policies offer additional coverage in the event of disability or critical illness. This can provide financial assistance to the policyholder if they are unable to work and help cover mortgage payments during a challenging period.
Flexibility in Policy Options:
Mortgage insurance policies often come with various options, allowing individuals to tailor coverage to their specific needs. This flexibility may include choosing coverage amounts, policy terms, and additional riders for disability or critical illness.
Affordability:
Mortgage insurance is often more affordable than traditional life insurance policies. The premiums are typically lower, making it an accessible option for individuals who want to ensure their mortgage is covered without a significant financial burden.
Easy Application Process:
The application process for mortgage insurance is generally straightforward, with fewer underwriting requirements compared to traditional life insurance policies. This ease of application at einsured.ca makes it a convenient option for homeowners.
Quick Payout:
In the event of a covered incident, mortgage insurance policies typically provide a quick payout to the beneficiaries. This can be crucial for ensuring that funds are available promptly to settle the outstanding mortgage and alleviate financial stress.
While mortgage insurance offers valuable benefits, individuals should carefully review policy terms, coverage limitations, and alternative options to determine whether it aligns with their specific needs and circumstances.
Buying mortgage insurance from Bank or Lender vs Insurance Advisor
What are the several options available in mortgage insurance?
When considering mortgage insurance as a form of life insurance, individuals typically have several options to choose from. Each option comes with its own features, advantages, and considerations.
Here are the primary types of mortgage insurance options:
Traditional Term Life Insurance:
- With traditional term life insurance, the policyholder selects a coverage term (e.g., 10, 20, or 30 years) during which the death benefit is in effect. If the policyholder passes away within the chosen term, the beneficiaries receive the death benefit. This type of insurance can be used to cover the mortgage balance and other financial needs.
- This is also called Level Term Insurance - this option ensures that the beneficiaries receive a consistent payout, regardless of changes in the mortgage balance. It may be suitable for individuals who want a fixed death benefit for more comprehensive financial protection.
Decreasing Term Life Insurance:
- Decreasing term life insurance is specifically designed for mortgage protection. The death benefit decreases over time, typically aligning with the decreasing balance of the mortgage.
- This means that the payout will cover the remaining mortgage balance if the insured passes away. It is a cost-effective option for those primarily concerned with protecting their mortgage.
Permanent Life Insurance:
- Permanent life insurance, such as whole life or universal life, provides coverage for the entire lifetime of the insured. These policies also include a cash value component that grows over time.
- While typically more expensive than term life insurance, permanent life insurance offers lifetime protection and potential cash value accumulation.
Joint Insurance:
- Joint mortgage insurance covers both partners on a mortgage with a single policy. If one partner passes away, the death benefit can be used to pay off the mortgage. This can be a convenient option for couples who want joint coverage.
- When selecting mortgage insurance as a life insurance option, it's crucial to carefully review policy terms, coverage amounts, premium costs, and any additional riders or features.
Consulting with a licensed insurance advisor at einsured.ca can help individuals make informed decisions based on their unique financial goals and circumstances.
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