A mortgage life insurance is a term insurance plan that your family can use to pay off mortgage debts if you pass away. However, it is not necessary for you to have mortgage life insurance in Oshawa to get a mortgage. Investing in this policy becomes very beneficial, especially if you are the primary income producer in the family. Such a policy will protect your family if you fail to earn because of an illness or death.
We, LDR Financial, are here to offer you the best guidance and support in choosing the right mortgage life insurance plan in Canada.
Guaranteed life insurance policies usually have a waiting period before the benefits kick in. Several insurance companies will refund the premium plus a reasonable interest payment during the waiting period. Life insurance that is a guaranteed issue with no waiting period is scarce. After 2 to 3 years, most of these rules are satisfied, and the policy will pay the total face amount.
What Is Mortgage Life Insurance?
It is a type of insurance plan which is designed to repay mortgage debts upon the death of the borrower. Unlike a traditional life insurance policy, this policy will not pay unless you pass away while your debt is in inexistence. In the mortgage policy, the beneficiary is the lender and not someone from your family.
Investing in a mortgage life insurance policy in Ontario can be risky if you do not have the right information on this type of insurance scheme. Our expert insurance consultants are here to offer you the best guidance in choosing the right plan.
