Buying a house is likely the single largest investment that you will ever make in your life, which makes it essential to insure your mortgage. Before signing any mortgage insurance with a bank, sit with Paul for a free, no-obligation meeting and understand the difference which will give you a lot more protection. No matter what kind of home you have or the possessions inside it, as a leading mortgage insurance advisor in Ontario, Paul Taneja can provide a policy tailored to your specific needs.
Your home is likely the biggest asset you ever own. Mortgage insurance is an insurance policy which will paid off the outstanding balance of your Mortgage if you die up to a certain amount.
You can buy Mortgage insurance from your financial institution where you borrow the money or you can buy Mortgage insurance from life or critical illness insurance companies through a licensed professional insurance advisor.
There are there major differences between buying Mortgage insurance from Lending bank or Mortgage protection from life and critical illness insurance:
The main difference is when you buy Mortgage protection from lending financial institution you are protecting them means in the event of your death money goes to lender, whereas if you have Mortgage protection from life insurance company, your money in the vent you die will goes tax-free directly to beneficiary you chose in your policy-your family. The payment at that time can be higher than the balance of your Mortgage amount and your family can use that money for any purpose.
Second difference -if you have Mortgage insurance with your Lender and you want to change the mortgage lender so you can not carry the same Mortgage insurance with you to different lenders, you have to prove yourself again that you are healthy at that time to cover under Mortgage insurance policy with new lender. If you are not healthy at that time your lender can decline, you can provide any mortgage insurance policy. On the other hand, if you have a Mortgage insurance policy with a life insurance company you do not need to apply the new policy in case you change your lender. Once this policy is issued it will continue for a certain period you applied for.
Third difference –Your Mortgage insurance policy from the life insurance company will give you flexibility in case you want to change your policy to permanent life or critical illness policy whereas your lender Mortgage insurance policy does not have this option. So to better understand Mortgage insurance policies we will help you to explain all the differences and also look for the best product according to your needs and budget.
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Our Insurance Advisor provides exceptional service for individuals and businesses.
Our Insurance services are absolutely private and confidential.
We offer the lowest prices available as compared to our competitors.