We bring you mortgage insurance protection specifically designed for mortgage borrowers like you, underwritten by
The Canada Life Assurance Company, one of Canada’s leading insurers.
This optional mortgage insurance plan gives your family financial security when they need it the most. The program consists of three creditor protection products – life, critical illness and disability. The products are extremely competitive, both in terms of price and features, as compared to those offered by others in the lending marketplace.
Mortgage Life Protection
Should the unthinkable happen to you or your family, it is a traumatic enough experience to deal with. One of the ways in which to prevent any additional hardship is to ensure that your loved ones can maintain a comparable lifestyle afterwards. Mortgage Life Protection covers you, your partner, and anyone who is a party to the loan, so that in the event of a death the outstanding balance on the insured mortgage is paid off, along with any discharge fees, subject to limitations and exclusions.
Don’t be confused by the insurance options that many others may place in front of you…mortgage insurance is designed specifically to provide you with the peace of mind and financial security you and your loved ones need ,at the most economical cost, for your largest debt.
Critical Illness Protection
Often, when one is diagnosed with an illness, the financial effects can be very difficult. At a time when a family needs to come together and support one another, you do not need to be burdened with a large financial obligation. Critical Illness Protection pays off your outstanding mortgage balance in the event you are diagnosed with a severe illness such as heart attack, stroke, or life-threatening cancer, providing you and your loved ones with a “living” benefit.
Mortgage Disability Protection makes your monthly mortgage payments should you suffer from an injury or accident and are prevented from performing the normal duties of your job. The most common disabilities that are experienced are injuries to the back, mental disease or physical impairment due to accidents.
Total Mortgage Protection
With our insurance products, you receive a number of benefits that distinguish them from the majority of other products available.
- Coverage that’s portable – Move from one property to another and port your policy within 90 days. Renew or replace your mortgage with a new lender, and your mortgage insurance coverage moves to the new mortgage. Again, you do not have to re-apply. An increased mortgage will require and new application.
- Multiple coverage – The co-borrower and/or guarantors of the mortgage can also apply, with up to four applicants per mortgage.
- Immediate coverage – In many cases, you answer a few medical questions and if eligible, you are instantly enrolled in the plan. Full coverage begins immediately, if all health criteria are met. If your health status requires review, you receive free immediate coverage for accidental death (for up to 24 months) while Canada Life evaluates your application. This free accidental death coverage lasts until either funds are advanced under the insured mortgage or coverage is declined.
- Lump sum payments mean premium reductions – Your mortgage insurance premiums will be recalculated when you notify us that a lump sum payment of more than 5% is made on the mortgage. In addition to paying off your mortgage faster, you benefit from reduced premium payments.
- Great non-smoker rates – the program provides discounts to non-smokers.
If you are getting insurance for a mortgage, it makes sense to get Mortgage Life Insurance!
- Mortgage life insurance is known as “decreasing term” insurance which means that the amount of coverage declines over time (the amortization period of the loan obligation) along with the debt obligation…however premiums remain low.
- With “level term” insurance your coverage remains at the same amount for the term of the insurance, however your rates will increase every term as you get older.
- Mortgage life insurance is designed to meet a single need at a low price – the overall cost is lower than the level term over the duration of the mortgage.
- Portability allows your insurance to stay in force and your premiums to never change even if you move your mortgage to another lender or another home.
Eligibility – To be eligible for our Mortgage Insurance, you must be a Canadian resident between the ages of 18 and 64.
A 30-Day Look – Apply for your optional Mortgage Insurance coverage today. If you are not satisfied with the terms, you can cancel your coverage within 30 days of its effective date. Coverage will be deemed never to have been in force, and you will receive a refund of all premiums paid.
So take advantage of the 30-day look, and rest assured that your home and your family’s future are protected.
For more information contact The Wilson Team or call 613-695-9250
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