Mortgage LIFE Insurance

Insurance is something that no one wants to think of.  Most people figure that they are too young, or that they will get to it one day.  We see time and time again people who didn't have insurance end up in trouble financially.  Mortgage Life Insurance can help prevent this.  The last thing that you need to worry about when you are off work due to an injury or illness, or a death of a spouse, is how are you going to pay your bills, especially your mortgage?   In order for things to remain as normal as possible, mortgage life and disability insurance can help you by covering your mortgage payments if you are off work or by paying off your mortgage in full if your loved one passes away.  For most people, your home is the single largest investment that you will make.  If your mortgage is not protected, you risk losing everything that you have worked so hard for.

With today's high cost of living, property taxes, rising utility bills, and rising home values which lead to higher and higher mortgages, it's even more difficult to save than ever before.  An unexpected death or illness can mean financial disaster.  By having your mortgage insured for such unexpected possibilities, you can rest easy knowing that if things happen, you will not have to uproot your family because you cannot afford to keep your home.  Is it worth gambling with your future?

For more details, please call us today.  We have specific insurance companies we use that can offer you a free quote.  This option is available whether you have just obtained a mortgage or whether you have had your mortgage for years. 

A specific feature of insurance which the insurance companies we refer offer, is that your insurance can move with you, regardless of who the mortgage is with.  Other insurance agencies, such as with major banks, may only provide insurance when the mortgage is with their bank.  Avoid the inconvenience of being with an insurance agency that limits which mortgage lender you can go with.  With the agencies we refer, you simply amend the policy, and take the best mortgage for you, regardless of who it’s with.


You are also never locked in to this insurer.  You have a 60 day guarantee period to cancel with no cost to you, for any reason.  You can also cancel in the future if you wish, (the fees charged will be outlined in your welcome package.)  For most people, there is no medical exam and certificates can be issued in as little as 5 days.  Why wait?  Start today!

The following is a brief outline as provided by the mortgage life and disability insurance company about their products*:

  LIFE INSURANCE
TOTAL DISABILITY
 PROTECTION In the event of a death.  A sickness or accident results in your being unable to perform the main duties of your full- time job, unable to perform at lease two essential daily life activates.
COVERAGE STARTS You can choose to start coverage immediately or on the mortgage funding date (provided you apply prior to the funding date).  In most cases, we recommend immediately, since you may be committed to completing the house purchase.  You must pay the first premium when due for coverage to take effect.
You can choose to start coverage immediately or on the mortgage funding date (provided you apply prior to the funding date).  In most cases, we recommend immediately, since you may be committed to completing the house purchase.  You must pay the first premium when due for coverage to take effect.
COVERAGE ENDS Earliest of 70th birthday, date the mortgage is paid off, or date you stop paying premiums. Earliest of 65th birthday, date the mortgage is paid off, or date you stop paying premiums.
BENEFITS
  • Outstanding balance of your Mortgage as at the date of your death.
  • Interim claim payments to cover mortgage payments while the insurance company is adjudicating your claim
  • Prepayment penalties or discharge expenses charged by your mortgage company.
  • Your share of the mortgage payment.
  • If you are the only borrower covered for disability then your share is 100%.
  • If two borrowers are covered, then each borrower's share is 50%
LIMITATIONS
  • 105% of the mortgage amount on your submitted application.
  • Maximum of all benefits for any one person is $1,000,000.
  • Payment amount shown on your submitted application.
  • Maximum of 12 months worth of benefits.
  • Maximum all benefits for any one person is $10,000 per month.
WHEN BENEFITS ARE PAID
  • Once they receive a completed claim form, they pay future mortgage payments on your behalf until they finish adjudicating the claim and so long as the claimant continues to co-operate with the insurance company. Once the insurer approves the claim, the remaining balance is paid.
  • Benefits begin 60 days following your valid disability and will continue until the fist mortgage payment after your recover (so you get a "bonus" payment after your recovery).
  • Timing of actual payment is subject to adjudication of your claim.
EXCLUSIONS
  • Inaccurate or incomplete answers to the medical questions on the submitted application.
  • Suicide occurring within the first two years of coverage.
  • Traveling in or jumping from a non-commercial flight.
  • Attempting to commit, or committing, a criminal offence (extends to driving while leally impaired): and acts of war.
  • Same as for Life Insurance, plus self-infected injury; pregnancy/childbirth (complications are covered); abortion; miscarriage; conditions arising from drug or alcohol abuse; cosmetic/elective surgery; use of any drug (except in accordance with a valid prescription); medical condition or symptom, diagnosed or not, for which you sought, received, or were recommended for treatment in the 12 months before applying for MPP, and which caused your total disability within 12 months of the date you apply.

*The above information was accurate according to all information provided by our insurance company.  Please ensure that if you proceed with any insurance policy, that you read the information provided by the insurer.  The above in no way puts any liability against Approved Mortgage Inc. or its subsidiaries.  This is for information purposes only and any use otherwise is forbidden.

Why not get a quote today and see how easy it is to get peace of mind for those situations that are out of your control!  An associate from Approved Mortgage Inc. will contact you with a quote once your request is received.

Call us today at 403.284.4000.
 

 

Contact Us

600-602 12th Avenue SW
Calgary, AB
T2R 1J3 

Toll Free 877.284.4009
P 403.284.4000
F 403.284.4010

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