Mortgage Life Insurance

At Solutions Financial, we don’t insure your mortgage. We insure you. After all, you’re the one making those mortgage payments. Through a personal life insurance policy, you can plan to meet more of your family’s needs in the event of death – including living in that dream home. We offer free, instant, online life insurance quotes from many leading Canadian carriers, and can help you purchase the most affordable policy that best meets your requirements. Mortgage life insurance does not have to be purchased from the lending institution! We offer superior and lower cost life insurance!

Are you planning to provide a financial safety net for your loved ones? Are you purchasing a new home? Are you a first time home buyer planning to arrange your mortgage life insurance? Do you simply want to add some coverage to what you currently have? You’ll want to make sure you choose the most appropriate type of coverage and get the best rates.

You are not obligated to buy mortgage life insurance at your lending institution!

Here are some of the reasons you may want to find an alternative to standard mortgage life insurance which is purchased through your lender.

With mortgage life insurance, while the monthly premium is generally locked in to the age of the older insured person, the amount of the payout shrinks as the mortgage is paid down. What does this mean for you? The cost of mortgage life insurance becomes more expensive as every week passes! With our low-cost solution, upon death your beneficiary receives the full amount of coverage, yet the premiums remain very competitive with the premiums that the lender can offer! If you are over 30 years of age and a non-smoker, your premiums just can’t be beaten by the lender!

With mortgage life insurance when you die, the lender receives the proceeds. You cannot assign anyone else as beneficiary, including family members. With our solution, you appoint a beneficiary who can use the proceeds in which ever manner he/she wishes. If it is wiser to invest the proceeds rather than pay off a low interest mortgage, the beneficiary has the choice. If your family does decide to pay off the mortgage, they can keep the balance of the proceeds.

With any change to a mortgage document, for instance: refinancing or a change of address, this opens the door to collapsing the mortgage life insurance agreement with the lender. You are then required to reapply for insurance, and rates increase with age. If your health is poor at that time, the application may be turned-down, leaving you with no protection. With our solution, your protection is guaranteed for the full length of the term, regardless of any change of age or in your health. It is also completely independent from any changes made to your mortgage, including refinancing or transferring the loan to any other lender.

Mortgage life insurance is marketed with a specific need in mind. That need is paying off a major debt like a mortgage. The amount of your mortgage life insurance may represent only a part of your overall financial family responsibilities. Call Solutions Financial and speak with a Financial Security Advisor to determine if you are overpaying for protection, or to determine if you are protected appropriately.

Watch CBC Marketplace – “In Denial” – This segment from CBC Marketplace on February 6, 2008 provides you with concise information about bank mortgage insurance and the reasons for consumers to purchase their insurance through a licensed broker.