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Mortgage Loan Insurance

Certain protection from life's uncertainties.

Your mortgage is likely your largest debt. Are you protected if something happens to prevent you from making payments?

Today most of us carry a significant debt load, much of it in a mortgage. In the event something happens, the last thing you want is your family to be overwhelmed by debt. This is where mortgage insurance can play an important role, taking over your monthly payments or paying out your mortgage in full in the event of death or illness.

Mortgage insurance*** is purchased when you take out your mortgage and the premiums can be automatically added to your regular payments, so you never have to worry about them. For a relatively low cost, it gives your family peace of mind, knowing their lifestyle can be maintained if you're unable to provide income. Depending on the plan, your policy can also provide additional coverage during periods of illness, or unemployment. Mortgage insurance can provide:

  • Life coverage. Your family will be mortgage-free should anything happen to you or your spouse ($500,000 maximum).
  • Disability coverage. This option pays your monthly mortgage payment ($2,500 maximum) for up to two years.
  • Critical illness coverage. If you should fall seriously ill and can't earn an income, your mortgage is paid.
  • Job loss coverage. Takes care of your mortgage payment ($2,500 maximum) for up to nine months (tax-free).

Note: This type of insurance is different from the Canada Mortgage and Housing Corporation's (CMHC) mortgage loan insurance, mandatory for homebuyers without the 20% down payment required to qualify for a conventional mortgage.

A personal life insurance policy – whether permanent or term – can also cover your mortgage debt and may offer more flexibility in meeting your overall insurance needs.

Which insurance is right for you? Good advice is your best protection.

Protecting yourself and your family in the event of misfortune is critical. The type of insurance you choose will depend on your age, health, personal situation and length of time the insurance is needed. One of our Insurance Advisors can help you decide the best way to protect your family home while also offering your loved ones continuing security over the long term.

† Insurance services provided by BlueShore Wealth.

*** Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.

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