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MORTGAGE PROTECTION INSURANCE:
Mortgage Insurance at its Best
Looking for a house to buy is not a challenge you take lightly. You have no doubt already figured out what you need in terms of space, number of rooms, style, neighbourhood, and state of repair…The purchase of a house is an important financial decision, and it is definitely a smart idea to protect the biggest investment of your life.
The objective of our Mortgage Protection Insurance coverage is to enable you to avoid leaving a significant debt for your surviving spouse and children. This plan enables your loved ones to keep the house and all the benefits associated with it, rather than having to sell up, in the event of your death prior to repayment of the mortgage loan.
Mortgage Protection Insurance is, first and foremost, life insurance coverage that enables you to pay all or part of your mortgage loan balance. |
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| Features of our Mortgage Protection Insurance |
- You are the owner of your individual mortgage insurance, unlike group coverage offered
by most financial institutions.
- Protection from interest rate increases, since the premiums are level and they’re guaranteed for the entire term of coverage.
- The ability to select individual or joint life insurance depending on your personal situation. This way, you can benefit from a significant reduction in the premium amount.
- The advantage of keeping your insurance, even if you refinance your loan or change lending institutions. Your coverage remains in effect.
- An opportunity to convert your mortgage insurance to regular life insurance without
having to answer any health questions.
- Freedom to appoint your own beneficiary rather than your financial institution.
- Freedom for your heirs to use the benefits to repay your loan or to meet more pressing needs. That’s because the insurance benefit is paid to the beneficiary, rather than to
your lending institution.
- Benefits that cover your mortgage payments in the event of disability or critical illness.
- You chose your home sweet home very carefully. With the Mortgage Protection Insurance, you can enjoy your home with full peace of mind while protecting the biggest investment of your life. What are you waiting for? Start filling your home with good things and happy memories!
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Factors Affecting Life Insurance Premiums And Qualification
You might never have really thought about what it takes to qualify for a life insurance policy or what affects the premiums you pay. By the time you get around to figuring it out it could be too late. Here are the most important factors that go into determining what you will pay for your life insurance coverage as well as whether or not you will even qualify.
Your Age
The older you are, the more you will pay for life insurance. When you take out a policy at a younger age, the company expects that you will be paying the premiums for a much longer time period, and therefore your monthly payments will be smaller. The older you get, the shorter the time period during which they can expect to receive payments from you. This means they will increase the premiums accordingly. Your age also has an impact on your health. The older you are the more likely it becomes that you will develop a serious health condition that could make it even more likely the company will pay out on the policy.
Your Health
Everything about your health will be taken into consideration when you apply for a policy. Most companies will require at least a questionnaire filled out, if not a visit from a doctor or nurse to check up on your overall health. This includes things like your weight to height ratio to determine if you are overweight, blood tests to check cholesterol and look for serious illness, and sometimes more. They will ask about your lifestyle as well as smoking, drug, and alcohol use. Even what seems like a minor health issue can result in a higher premium amount, because it could develop into something more serious later on.
Your Occupation And Hobbies
If you have a dangerous occupation such as a firefighter, or engage in potentially dangerous activities like certain sports, this can affect your eligibility for life insurance as well as your premiums. When you put your life in danger either at work or at play, the insurance company sees a higher risk of paying out on the policy. In some cases they may deny you altogether simply based on the activities you engage in regularly.
These are some of the major factors leading to insurance company decisions regarding life insurance premiums and whether or not you qualify. Some of them can't be changed, while others can—and you should take them all into consideration if you want to get the best rate on your policy. |
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Licensed from:Financial Service Commission of Ontario |
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| Norman & Cindy, London ON |
William & Dorothy, Sarnia ON |
Richard & Shelly, Toronto ON |
Peter, Brampton ON |
| "Kept us completely informed on each step while waiting approval." |
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| "I had been turned down time after time.....Life Insurance Advisors got a policy for me at preferred rates...Thanks" |
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| "Your service was outstanding, you kept us in the loop throughout the entire process. You made shopping for life insurance a breeze. Thank you so much!" |
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| "Mike, Thanks for being so professional. You have provided me the life insurance at the right value without any hassle. Thanks." |
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| We serve all of Ontario including: Acton, Ajax, Almonte, Amherstberg, Ancaster, Aurora, Barrie, Beamsville, Belleville, Bolton, Bracebridge, Bradford, Brampton, Brant, Brantford, Brighton, Brockville, Burlington, Cambridge, Cayuga, Chatham, Churchill, Clarence, Clarington, Cobourg, Collingwood, Cornwall, Essex, Fort Erie, Georgetown, Goderich, Gravenhurst, Guelph, Grimsby, Gwillimbury, Haldimand, Hamilton, Hawkesbury, Huntsville, Ingersoll, Kenora, Keswick, Kingston, Kingsville, Kitchener, LaSalle, Lincoln, Lindsay, Listowel, London, Milton, Markham, Midland, Mississauga, Napanee, Newmarket, New Alliston, Niagara Falls, Niagara on the Lake, North Bay, Norfolk, Oakville, Orangeville, Orillia, Oshawa, Ottawa, Owen Sound, Paris, Parry Sound, Pelham, Pembroke, Petawawa, Peterborough, Pickering, Picton, Port (Pt.) Colborne, Port Dover, Port Elgin, Richmond Hill, Sault Ste. Marie, Sarnia, Scarborough, Simcoe, Stoney Creek, Stratford, Strathroy, St. Catharines, Stouffville, St. Thomas, St. Mary’s, Sudbury, Tecumseh, Thornhill, Tillsonburg, Timmins, Thorold, Thunder Bay, Toronto, Trenton, Vaughan, Vineland, Wasaga Beach, Waterloo, Welland, Whitby, Windsor, Woodbridge, and Woodstock. |
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