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Mortgage Life Insurance

 

Mortgage Life Insurance

 

Mortgage life insurance is a great tool and added security for your family, it is generally offer by the lender or the mortgage broker at the time of approval. You will be required to accept of decline by signing the from and returning it  with the mortgage documents. Most Institutions use Mortgage Protection Plan as the Insurer, if you choose to take the insurance you will have to answer the health questions and provide a void check for payment withdrawals. This type of Insurance is call a term policy as they insurance is only available for the duration of the mortgage amortization. 

 

 

An Insurance can be incorporated for the mortgage amount at any time.There are many pitfall when you take mortgage life insurance, check with your Insurance broker  to see if you can transfer this policy when moving to another institution.  In the event of the death of the insured mortgage holder the insurance company will pay off the current balance of the mortgage . There are vast amount of insurance product to choose from. A complex products with many names , at time it is called Life ,Term, Term Life etc. Talk to an Insurance broker to get the product that best suits your budget and long term goals  for the security of your family.

 

The lender offer both Mortgage life Insurance and Disability Insurance at the same time. You should calculate your disability insurance from other sources to see if it will cover the mortgage payments as well as living expenses. Most mortgage disability insurance will cover 100% of the mortgage payments only. Sunlife Insurance offer great term policy that may be cost effective and suite your budget.

 

To address your concerns regarding Mortgage Insurance, it is best to talk to a licensed Insurance agent to get professional advise.

 


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