Mortgage Life insurance is something that everyone should consider when financing your home. The largest asset that you will ever possibly own is your home and not protecting that asset for your family can be a costly mistake.
Many people believe that they have enough insurance at work or in their own policy when in fact that money may do nothing more than pay out the bills and leave the surviving spouse with a mortgage payment. Considering that the mortgage insurance is set up to be a declining value and the payment remains the same it may be easier to budget for than if you had a standard policy where the payment may increase every five years.
More and more we see stories of how people didn’t take the life insurance and something tragic has happened shortly after they took possession. It is a phone call that I hate to have when the widow or widower calls to ask if they had taken life insurance and I have to tell them they have waived it because they thought it was too expensive.
With the mortgage life insurance in Calgary we also offer disability and again most people have some form of it at work but it doesn’t change the fact that your work insurance will be based on your salary and that I will only be a portion of what they are paid. Our disability insurance will cover not only your mortgage payment, after 60 days of qualifying, but it will also cover your property taxes for the time you are off of work.
What does that mean for you?
If you have a banks insurance program in Calgary it is not transferable to other lenders in the market? The bank is the insurance company and in many cases they do not underwrite your insurance up front which gives them many loop holes should something happen. This also means that should you find a better deal elsewhere in the future for your mortgage you would need to start all over again with qualifying for insurance.
Fill the form below to contact local mortgage associate in Calgary today, to discuss your mortgage life insurance needs.