I can show you how to get mortgage insurance that’s better than what the bank offers.
Why mortgage insurance?
A mortgage is the largest obligation that most homeowners have. You have committed to paying hundreds of dollars each month for many years. If you can’t meet your obligation, your lender can sell your home. But most people would prefer to keep their family home, and mortgage insurance can protect your family.
What type and amount of insurance do I need?
The quote above will give you three options. However, if you would like to speak to an independent broker, I will help you to determine the right amount and type of insurance to match your needs. I am licensed with multiple companies so I can help you find the features and price that suit you best.
The amount of coverage generally matches the balance owing on your mortgage. For example, if your mortgage balance is $250,000, then that is the minimum amount to ensure that your family is protected. However, you are likely earning income and you may want a larger amount of coverage to provide for your family for five or ten years or longer.
The term of the insurance typically matches the term remaining on your mortgage. This ensures that if anything happens to you before the mortgage is paid off, your family will have cash available to retire the debt. This protection will be in place for the duration of your obligation.
Life insurance provides a lump sum of cash in case of death. Disability insurance provides monthly income in case you are unable to work. Critical illness insurance provide a lump sum of cash if you experience a critical illness and survive, because many people need to take time off work for treatment and recovery. You can choose any one, two or all three coverages. You can use a calculator to find what amount might work for you.
If you prefer to get professional advice, book a phone call with a broker.