Assured 100% repayment of mortgage debt, in case of death of the borrower!

  • Simple plan starts from $15 per month
  • Plans range from $10,000-$2,000,000
  • Policy terms are available for 15 or 30 years
  • Premiums can be paid monthly, quarterly, semi-annually, or annually
  • Scholarship benefit with NO additional cost

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Mortgage life Policy

A policy which is designed to repay the mortgage debt in case the borrower dies; in other words, an insurance that protects repayment mortgage. If in the course of the policy the policyholder dies, the policy will pay off the capital sum to repay the outstanding mortgage.

How it Works?

The time when the insurance policy begins value of the insurance coverage is equal to the outstanding of the repayment mortgage. The company which is providing the insurance will calculate on the annual rate at which insurance coverage will decrease as the mortgage balance decreases. Policy’s termination date is also as same as the final payment date on the repayment mortgage.

People Also Ask

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Types and Benefits

There are basically two types of Mortgage Life Insurances available

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Home is one of the biggest dream that one sees and invests in. The family living in that home depends mainly on the person who brings income to repay the mortgage payments. It caters to the fear of the family members/borrower that if someday the earning member is not alive who would repay the mortgage payment.
You will have a peace of mind that your loved ones do not have to suffer even after you pass away.

WHICH IS BETTER INSURANCE PLAN

Mortgage Life Insurance

It pays the death benefit to the lender and the death benefit or coverage amounts keeps on decreasing as your mortgage balance decreases, but the premium amount will remain same. If in future you decide to change you lending institution then you would have to re-apply for mortgage life insurance.

Term Life Insurance

It pays the death benefit to your beneficiary and they get the complete freedom where they want to spend the money. The death benefit or coverage amount remain the same. In case you change your lending institution in future, your same term life insurance will work.

Types of mortgage protection insurance

Term life insurance

In case you die unexpectedly, your loved ones get affordable and flexible protection which they can use to pay off mortgage or cover other expenses.
Plans Start from $50,000 to $500,000

Critical Illness Insurance

In case you become seriously ill, you will get some lump-sum amount which you can select to spend on medical related expenses and paying mortgage payments; by this you can focus on your recovery. You convert the policy to long term care insurance

Applying for a Mortgage? What You’ll Need

You are six steps away from availing your Mortgage Life Insurance if the following information is available
To find out more, call us on 1-855-846-2524 Or speak to an adviser in our office.

1Social Insurance Number

This is a mandatory document to have access to government programs and benefits.

2Driving License

This document is required for a native’s identity proof.

3Doctor’s Name & Address

A brief medical history may be asked by the company underwriter.

4“Attending Physician” statement

To get an assurance regarding your health condition, the concerned doctor may be contacted.

5Health Check-ups

You may be required to undergo blood samples test and urinalysis.

6Doctor’s Examination

Senior applicants may have medical concerns that need to be examined by a doctor to assure about the current condition.

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Start your application online

You’ll need all your details to hand and about 30 minutes to complete the form.

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Call us on 1-855-846-2524

Open Mon-Fri 8am-8pm and Sat 9am-4pm (closed on Sundays and Bank Holidays).

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Come into branch

Book an appointment online beforehand – we’ll call you back to confirm a day and time.