Your home is a place where memories are created; it is a place to watch children grow, to celebrate life and a place to support each other during times of sorrow. What would you do if you had to sell your home due to a family tragedy such as a job loss, critical illness, total disability or death? The good news is that even though unexpected tragedies do happen, you can protect yourself and your loved ones from financial heartaches. With Group Mortgage Protection (GMP), provided by our partners at CUMIS, you have a safeguard that frees your family from mortgage payments, saving them from financial hardship during life's uncertainties. Life is too short to worry, learn about how this...
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So you took the plunge and bought a house, with a mortgage to match. You may be wondering if you need life insurance to cover the mortgage in case something happens to you before it’s paid off. Without life insurance, your estate will be liable for any outstanding home debt you leave behind. Unless your spouse is loaded, your family would face a sizable financial burden. One way of preventing that outcome is with dedicated Mortgage protection life insurance. Here’s how it works. What Is Mortgage Protection Life Insurance? Mortgage life insurance plans give a tax-free payout that will cover the balance on your home mortgage. Depending on the policy, the payout may occur in the event of your...
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Mortgage Protection & Disability Insurance Protect what YOU love Your home is your haven – the place where you live, breathe, create and play! By protecting your home you protect your family and their lifestyle. With MCAP’s Home Mortgage Protection, you can rest easier knowing that you have taken steps to give security to your family’s future in case of illness, injury or death. When an unexpected loss of life occurs, this protection is tailored to possibly discharge your mortgage and potentially provide your family a mortgage free home. The death of a loved one can have a large financial impact on the whole family. It is important to have peace of mind in knowing that they won’t have...
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What is Mortgage Protection Insurance? Mortgage protection is a specialized life insurance policy that pays off your mortgage for a spouse or partner when you die. Mortgage protection policies are non-medical (no medical exam required) that often include other benefits that cover disability, unemployment, critical illness, and terminal illness. Most people do not have adequate life insurance coverage, and when they die, their loved ones are forced to move out of the home or let the home go into foreclosure shortly after the death of a loved one. Families work their entire lives to purchase, maintain, and improve the most expensive asset they have – their home. And yet, when a loved one...
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What is Mortgage Protection Insurance? Mortgage protection insurance is a form of life insurance that will assist with your outstanding mortgage (or part of it) if you die or become unable to make mortgage repayments because of a disability, an illness, or job loss. It typically runs for the duration of your mortgage and ensures that your mortgage repayments will be paid for if something happens to you. This form of insurance is designed to prevent the bank from losing money on their loan if something happens to you. Compared to most other types of life insurance, however, mortgage protection insurance is often more expensive. It’s also usually offered only by banks and mortgage...
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What is PPI? PPI is insurance that pays out a sum of money to help cover your repayments on your loan, credit card or mortgage (product) in certain life events*. The actual events covered by your policy will depend upon the level of cover that you have purchased and you should always refer to your policy terms and conditions for confirmation of your level of cover and exclusions (what isn’t covered). Halifax no longer sell Payment Protection Insurance (PPI), however if you are interested in purchasing protection for your existing credit agreements then please refer to the Money Advice Service for guidance. Unemployment / Redundancy – if you are in work and become involuntary...
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Mortgage Protection Insurance The market for mortgage protection is crowded. Multiple companies offer their own version of the product. Some, unfortunately, are overpriced, and others have very thin policies which don’t provide many features. We represent over 30 of the best life companies. Because we specialize in life products, we have been able to sift through the options and understand exactly what is being offered and at what price. Beware of solicitations that don’t provide options. If the agent you are working with only represents one company, the offer is probably better for the agent than it is for you. The most significant factor when choosing the best mortgage...
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Mortgage Protection Insurance: What You Need To Know There are several types of insurance that come into play when you are looking to purchase a home. There is Fire/Home Insurance, CMHC Insurance, Title Insurance and Mortgage Protection Insurance. This article will explain the pros and cons of the last type of insurance, Mortgage Protection Insurance. True North Mortgage offers Mortgage Protection Insurance to clients that are interested in the protection. We do not sell insurance, but are required to be informed about it and discuss the options available to you, the mortgage applicant. What is Mortgage Protection Insurance? Mortgage Protection Insurance is an affordable, simple and...
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Mortgage protection which is also known as mortgage life insurance, is a basically life insurance that pays out if you die before paying off your mortgage, It ensures that your spouse and dependants don’t need to worry about the monthly repayments. Should you die without such cover in place any remaining mortgage debt would be set against the value of your estate and – if the debt exceeds the worth – the property may be repossessed and sold to cover the deficit. Of course if you have no dependants and are single, then why would you need this policy? Well the answer is clearly you would not; As it is all about paying off your mortgage when you’re gone, so if you...
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So you just closed on your mortgage and you’re beginning to settle into your new home (and your new loan). You’re assessing the many things that will need to be fixed and changed to make your house a home. Then you receive an urgent notice in the mail regarding something called “mortgage protection insurance” or MPI for short. Or maybe it’s referred to as mortgage payment protection insurance or mortgage life insurance protection. In any event, it looks pretty serious and your blood pressure rises instantly. Mortgage Protection Insurance Looks Very Official, But Isn’t… Once you move into your new home You’ll likely be bombarded by very official-looking solicitations...
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