Insurance
What you need to know to protect your home and those you love.
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Purchasing your home is one of your most important investments.
PROTECTING YOUR INVESTMENT IS EQUALLY IMPORTANT.
Mortgage Insurance
Mortgage Insurance protects the lenders in case there is a default in mortgage from the mortgagor. In Canada, the lenders are only allowed to fund mortgages to 80% of the sale price, or house value. To provide funding for mortgages with less than 20% down, up to 5%, the mortgage must be insured by one of the three companies listed below. The larger the down payment, the less the insurance premium. Ask us for particulars.
In Canada there are three companies offering this kind of insurance:
They all have almost similar products and also offer unique products for self employed people.
Life Insurance
Canada Life Insurance is available, however is not mandatory. Acceptance for coverage is based on the information you provide on your mortgage application.
You can choose between three types of coverage:
Mortgage Life Protection
- Covers you, your partner, and anyone who is a party to the loan, so that in the event of a death the outstanding balance of your insured mortgage can be paid off, along with any discharge fees. Mortgage Life coverage may not be the only life insurance you will need, but it can suit your needs as a mortgage borrower.
Mortgage Critical Illness Protection
- Pays off your outstanding mortgage balance in the event that you are diagnosed with a critical illness such as heart attack, stroke, or life-threatening cancer, providing you and your loved ones with a "living" benefit.
Mortgage Disability Protection
- Will make the monthly mortgage payments should and injury or accident prevent you from performing the normal duties of your job.
Click here for more information about Canada Life Insurance.