http://www.trustco.ca Mortgage Protection Insurance for Canadians is important.. We tell you why.
Frequently asked questions: Is mortgage protection life insurance important? Question and answer from The Hughes Trustco Group Canada
Mortgage Life Insurance in Canada
One of the most significant purchases a family makes in the course of its life is the purchase of a home. Many of your monthly expenses are centered around the fact of owning that home: cable, telephone, electricity, water, and gas, not to mention maintenance, take a up a significant part of your monthly income. The bill that in many cases takes the biggest proportion of your income is the mortgage, your monthly house payment. And it is the bill that must get paid above all; the other expenses can be put off or lived without if necessary, but if the mortgage is not paid in a timely manner, there will be no home for the family to live in.
But a family might find itself in the tragic situation where one of the people responsible for making that monthly house payment is incapacitated or even dies, and your family becomes unable to pay the mortgage. In that case, your family might face not only the death of a loved one, but the loss of their home and credit, as well.
Fortunately, there are plans that can help you avoid this unfortunate eventuality. Mortgage life insurance is designed for just such protection. Mortgage life insurance is a low-cost, flexible method to protect one of your familys most important investments. If you develop a terminal illness, sustain a serious injury, become disabled, your mortgage insurance can offer you several benefits:
•It can pay your outstanding mortgage amount. This is the chief reason that most people buy this type of insurance. If you die or become incapacitated, the balance of your mortgage will be paid off. You may, however, still be responsible for any over due payments that have not been made.
•It can pay up to five years worth of accrued interest.
•It can pay any property taxes that you owe when you die so that your heirs are not left struggling with taxes.
•If you are diagnosed with a terminal illness, it can give you an option to pay out early, so that you can be assured before your death that the house is paid off for your family.
Most people sign up for mortgage insurance at the same time they apply for their mortgage. This ensures that your family is protected even before you close on your mortgage, so that if something happens to you, they will still be able to move in to the new home you have planned.
Applying for mortgage insurance
The cost of mortgage insurance is based on how old you are when you apply for the policy and the amount of your mortgage. Your premiums will not increase as you get older, as long as the terms of your mortgage remain the same. They are also conveniently rolled into your mortgage payment, so you are not paying two separate bills each month. You are eligible to apply if you are a resident of Canada, between 18 and 69 years old, and have been approved for a Canadian residential mortgage.
For more information:
Visit http://www.trustco.ca
Loading...
2:08Life Insurance in Canadaby lsmVideo974 views
Mortgage life insurance is important, especially in these days of subprime mortgages etc.. Individuials need to do all they can to make sure they keep their house, and family stable.
hughestrustco 2 years ago