What if I get sick, disabled or die?

When taking out a mortgage, you want to ensure that in the event of a critical illness, disability or premature death, the home you love will not become a burden to you or your family.

Just like searching the different lenders to find you the absolute best deal on your financing, we will arrange to shop the insurance providers on an unbiased basis to find the best protection for you.

Please click the link below to view a point-by-point comparison of purchasing Mortgage Life Insurance from a Bank or Credit Union as opposed to a 'Personal Policy'.

Compare Mortgage Life Insurance...

To get more information, click the link below

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Points to Consider

  • Loan approval and mortgage insurance are not a "package deal" and there are extremely important differences between quality coverage and others. The decision should not be taken lightly.

  • Your protection should be specifically designed to meet your personal needs. Most conventional mortgage insurance is designed for a group of borrowers offering you absolutely no control.

  • Canadians are 2 - 4 times more likely to suffer a critical illness than die before their mortgage is paid off. The good news is that 70 - 80% of people survive, but unfortunately, their finances do not. Almost 1 in 5 foreclosures are due to critical illness. This is an area overlooked by most homeowners.

  • Coverage can be arranged so that in the event of disability you receive 50% or 100% of your mortgage payment or your net pay cheque, whatever suits your needs. We would look at your employer's benefit plan if available to make sure you don't pay twice for something you already have through work.

Advantages

  • Protection to have the money to payoff your entire loan if diagnosed with one of up to 22 critical illnesses.

  • Full benefit also in the event of death and the freedom for your heirs to use the benefits to reimburse the loan or meet other more urgent needs which always occur.

  • Your choice of beneficiary designation without obligation to name the financial institution. It is always better to have a tax-free cheque in hand rather than just the mortgage paid.

  • Availability of a level insurance amount, which does not decline with the amount owing. However, you could choose to reduce the amount at any time, reducing your premiums also.

  • The advantage of negotiating a better loan rate with any institution at renewal and keeping your protection intact, even if you are in poor health.

  • Guarantee that the insurance company will continue to offer the product once you have it and a guarantee of future premiums, even if interest rates rise.

  • The availability of preferred rates if you have a particularly healthy lifestyle. Why should you subsidize others with group creditor rates?

  • The opportunity to renew and convert to regular life insurance without any health questions.

  • The security of knowing your broker will deal with only the best and most secure insurance companies.

Please click the link below to view a point-by-point comparison of purchasing Mortgage Life Insurance from a Bank or Credit Union as opposed to a 'Personal Policy'.

Compare Mortgage Life Insurance




Harry Perler 131x150

FRASER MCDOWELL, CFP, CPCA

Certified Financial Planner

Worldsource Financial Management Inc.

604.468.0888

This email address is being protected from spambots. You need JavaScript enabled to view it.

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