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Mortgage Life Insurance
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Mortgage Life Insurance Protection Plan in Canada
Mortgage life insurance is essentially term life insurance that allows you to cover your liabilities on the outstanding balance of your mortgage on your property. Much like other life insurance products, mortgage life insurance will pay the death benefit to the beneficiaries upon passing of the insured. The beneficiaries will use the proceeds of the life insurance to pay off the outstanding debt on the house and prevent losing the house to the mortgage provider. There are different ways your mortgage can be covered through life insurance:
1- Regular Term Life Insurance
3- Decreasing Term Life Insurance
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Remember that money does not buy life insurance, health does. The life insurance application involves either a verbal questionnaire or standard medical exam or both depending on the underwriting requirements of your desired policy and the insurance company. There are various factors that affect the outcome of the health check-up examination, the 4 most important factors are Medical conditions, age, sex, and smoker/non-smoker status. Based on the findings of the health check-up, you could be offered or denied life insurance. Remember, sometimes you could be healthier than you think or other way around.
Life insurance is a strategy to minimize the risk toward your financial well being in the event of your death. When considering life insurance, the financial checkup is critical because it will allow your advisor and you to understand your insurance needs and provides your advisor with an insight on how to effectively structure it for you. 6 Financial liabilities to consider when purchasing life insurance are Mortgage, Debt, Children, Estate Tax, Income Replacement, and Leaving a Legacy. Keep in mind that the maximum limit of the life insurance you could get qualified also depends on your assets and income.
The desired outcome of your life insurance policy is the most immediate influencer on how you intend to structure your policy. There are different products with different features and aspects, but almost universally, no matter which product or insurance company you are choosing, the structure of the policy has to be chosen properly. For example, consider temporary versus permanent life insurance Yearly renewed or level cost of insurance. The two mentioned are critical in the set up of your life insurance policy but there are many more depending on the nature of your desired policy.
Do I need a Mortgage Life Insurance Plan in Canada?
Mortgage life insurance is designed to protect your most important and valuable financial asset, your home. With mortgage protection insurance, the insured purchases insurance to cover the outstanding mortgage balance in case the insured passes away. Much like other life insurance products, mortgage life insurance will pay the death benefit to the beneficiaries upon passing of the insured. The beneficiaries will use the proceeds of the life insurance to pay off the outstanding debt on the house and prevent losing the house to the mortgage provider.
With mortgage protection plan, typically couples choose the joint-first-to-die option in order to help the surviving spouse with the costs of the mortgage. With this option, the couple will be jointly insured and the event any of them passes away, the policy will pay the death benefit to the beneficiary which is often the surviving spouse.
It is essential to have mortgage life insurance Canada, because there are plenty of financial risks built into your mortgage until it is fully paid off. Once you pass away, your family needs to be able to make the monthly mortgage payments others the bank or the mortgage company will sell your property to recover its losses and your family will lose their home. It will be the savior of your family by providing them with the money needed to cover the mortgage payments or even pay off the house in full.
What types of Mortgage Life Insurance exist?
Mortgage life insurance is essentially term life insurance coverage designed to cover you for the liabilities on your home. Depending on your budgets or financial goals, there are different ways your mortgage life insurance could be structured.
1- Regular Term Life Insurance
Through term life insurance, individuals will be able to purchase insurance for a specific number of years (1-40 depending on the insurance provider) matching the number of years of their mortgage. As the mortgage balance is paid off, more amount of life insurance can be used for purposes (for example income replacement) other than paying off the mortgage balance in the case of passing of the insured.
2- Non-Medical Life Insurance
If you have any complicated medical condition or receiving treatment, obtaining traditional life insurance could be difficult to impossible. With non-medical life insurance, the premiums will be higher but there is guaranteed acceptance as long as you answer the questions in the application and you will know exactly how much insurance you will be approved
3- Decreasing Term Life Insurance
This particular term life insurance is popular for individuals looking to only cover their mortgage needs and as the outstanding balance on the mortgage is paid off, the death benefit of the life insurance policy also decreases. The premiums are much more affordable for this type of mortgage life insurance but you need to consider that the amount of your life insurance is decreasing as the years go.
What is the process of purchasing Mortgage Life Insurance Policy in Canada?
Purchasing life insurance with Apluswealth advisors will take place through 3 important steps. First and foremost, we start with a needs analysis. Clients need to know how much coverage they need based on their current financial standing and purchase a mortgage life insurance policy that matches their needs. We ensure that our clients are not buying too much or less than the amount they truly need. This step involves reviewing the goal behind obtaining a mortgage life insurance, going through the current financial standing of the family (income, liabilities, and so forth), and understanding how the needs of the client might change in the years to come. (e.g a beautiful newborn on the way or purchasing an apartment)
The second step is to review the health status of the proposed insured individuals. It is often overlooked that insurance is bought with the health condition of the client and not with money. We will go through a quick health questionnaire to understand the overall health condition of the proposed insured. This step is vital because once we know the health condition of the proposed individual, we will be able to determine the most efficient route to obtain mortgage life insurance coverage. While all insurance companies follow a close guideline regarding health and medical underwriting of the proposed insured individuals, there are some distinctions between how they look into some conditions versus others. We work with known and proven insurance providers and we keep ourselves up-to-date with the most current underwriting changes the providers make in their decision making. In addition, we are able to get in touch with the providers to examine how they would look at the application for the proposed insured and get a rough answer before even submitting the application. All because we care about the time of our clients and we ensure to make the process as quick and painless as possible.
The final step is to complete a policy that is designed specifically for you once we have the necessary financial and health information. Our expert advisors will simplify the process and create handpicked options that meet your needs to make your decision easy and quick. With access to the well-known insurance providers, you will be sure that your mortgage life insurance will be the best policy and value that you could get.
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