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Home MortgageLife Insurance
Protect your life's biggest investment
Purchasing a home is the biggest investment that many of us will ever make. That’s why it’s important to have the right level of home mortgage insurance.
When arranging a mortgage, the mortgage broker often offers mortgage insurance, however, there are some advantages to having your personal life insurance cover your mortgage as well. Here are the key factors to consider when deciding on Mortgage Life Insurance. Personal Life Insurance for mortgage coverage:
When You Opt For Home Mortgage Life Insurance:
- We deal directly with life insurance companies on your behalf for competitive options.
- When the coverage expires, you aren’t given the opportunity to purchase other insurance or receive cash values.
- In most cases, if you take your mortgage to another company, you lose your protection. To obtain mortgage insurance with the new company you must submit new satisfactory evidence of health and are subject to the current charges by the new mortgagor.
- The face amount of coverage can only be the exact amount of your mortgage (no more, no less).
Personal Life Insurance
- When you use Personal Life Insurance to insure your mortgage, you can choose term or permanent coverage. This means, your term policy can be converted, regardless of health, until age 65. At some point in the future, the cash value of a permanent policy may be sufficient to pay off the balance of the mortgage.
- You appoint a beneficiary who can use the proceeds in whatever manner he/she wishes (i.e., to invest rather than pay off a low interest mortgage).
- Your policy is portable. If you transfer your mortgage to another company, your insurance remains in force – no need to re-apply and prove your insurability.
- You are protected from the danger of losing your insurance because of a change in your health.
- You have flexibility to choose the insured amounts. This means, you may select an insurance amount sufficient to cover your mortgage and other outstanding debts.List Item
Whether you choose Home Mortgage Life Insurance or Personal Life Insurance to cover your mortgage - our team is here to help. Contact us today for a personalized quote.
We're passionate about making a difference in the communities we serve.
Since 1991, Ranger West has prided itself on providing affordable group benefit plans to small to medium-sized businesses across the Tri-cities and Greater Vancouver areas. We work with all the Major Group Insurance providers in Canada to make sure you’re getting a great employee benefits plan for the best value.
