Mortgage Life Insurance
Mortgage Services in Kamloops, BC
When most people buy a home, they finance their purchase through a mortgage. The loan amount and the interest are repaid through a series of smaller payments over a period of years. But what would happen to your home if you could not pay the mortgage? Since your mortgage is taken against the value of your home as surety, you could end up losing your place to stay. And if you are unable to work or pass away, your family could lose their home.
A mortgage life insurance policy acts as a security blanket that steps in and repays the mortgage debt and associated costs if the policyholder dies before repaying the mortgage. Most policies also provide coverage if the policyholder cannot work due to an illness. For a mortgage life insurance policy, the lender becomes the beneficiary. The death benefit will depend on the outstanding balance of the mortgage. Working with a mortgage broker will ensure you understand your options and get the coverage you need.
Advantages of mortgage life insurance
- Covers the mortgage loan in case the policyholder is unable to work due to an illness
- It gives you the confidence that your family will have a home even when you are not around
- Most policies offer coverage of medical illness or inability to work
- The policy will only pay if the policyholder dies within the coverage period
- Provides broad coverage with minimal approval requisites
Before purchasing a mortgage life insurance policy, speak to our mortgage advisor. We analyze the terms of the policy and weigh out the costs with the benefits to ensure your investment is protected. Our experienced mortgage agents will help you understand the different types of mortgage life insurance policies and the coverage you will need. At Mortgages by Heather, we are committed to helping families protect their place of residence and ensure you get the best service always. We know it can be confusing to navigate the inroads of the financial world, so we do our best to make the process convenient and easy for you. We encourage you to speak with us before settling on a mortgage life insurance policy.
Looking to secure your investment with a mortgage life insurance? Connect with us to know more.
