Should the unthinkable happen to you or your family, it is a traumatic enough experience to deal with. One of the ways in which to prevent any additional hardship is to ensure that your loved ones can maintain a comparable lifestyle afterwards. Mortgage life insurance can cover you, your partner, a guarantor and anyone party to the loan, so that in the event that something happens, the mortgage is paid off.

Don't be confused by the insurance options that many others may place in front of you ... mortgage insurance is designed specifically to provide you with the peace of mind and financial security you and your loved ones need at the most economical cost for your largest debt.

* In Alberta, mortgage brokers/consultants are mortgage agents.


Disability

Disability insurance will provide benefits up to $2,000 for a period of up to 24 months if an injury or accident has occurred that prevents one of the applicants from working. The most common disabilities that are experienced are injuries to the back, mental disease or physical impairment due to accidents.

With our insurance products, you receive a number of benefits that distinguish it from the majority of other products available:

1. Portability – your coverage moves with your mortgage regardless of where you place your mortgage. It also moves to a new home at the balance of coverage currently in effect.
2. Multiple life coverage – you have the ability to cover up to 4 individuals on the policy.
3. Pre-closing coverage – you can elect to have your coverage be in effect as soon as your insurance application has been accepted, thereby providing you and your family full protection in case an unexpected event occurs prior to the mortgage closing. If you decide that you do not want pre-closing coverage, you are still covered with free accidental death benefits that stay in effect until your mortgage closes (maximum of 2 years).

1. Mortgage life insurance is known as "decreasing term" insurance which means that the amount of coverage declines over time (the amortization period of the loan obligation) along with the debt obligation ... however premiums remain constant.
2. With "level term" insurance your coverage remains at the same amount for the term of the insurance, however your rates will increase every term as you get older.
3. Mortgage life insurance is designed to meet a single need at a low price – the overall cost is lower than level term over the duration of the mortgage.
4. Portability allows your insurance to stay in force and your premiums to never change even if you move your mortgage to another lender or another home.