Mortgage Protection Insurance


When purchasing a home, there are so many things to think about. The one thing you should not overlook is Mortgage Protection Insurance. Mortgage Protection Insurance is available to help you and your family maintain the mortgage payments in case of disability, critical illness or loss of life. Protect your investment and your family

Mortgage Protection Insurance For Life’s Curveballs

It’s always good to be looking ahead, but sometimes life throws us curveballs that we just don’t expect. That’s why we have insurance! You might wonder, if something awful happens and you find yourself unable to pay your mortgage, what will you do? You can relieve yourself of that worry right now by investing in mortgage protection insurance.

Mortgage protection insurance is an insurance policy that covers you if you can no longer pay your mortgage for specific reasons, such as unexpected illness or death. This can provide you and your family with peace of mind, knowing that you’ll have support in some of the most trying times of your lives. Planning ahead is a great way to minimize stresses in times of crisis, and mortgage insurance is one way to do just that. Hopefully you’ll never use it, but if you do find yourself needing insurance to cover your mortgage, you will be very glad to have it. In fact, almost half of the claims for this kind of insurance are made in the first two years.

Happy Family First Time Home Buyers

Why Buy Mortgage Protection Insurance?

There are other ways to get coverage that you might need in the case of illness or for death. However, there are specific advantages of mortgage protection insurance that other insurance policies may not offer. Reasons to choose mortgage protection insurance include:

  • High approval rates: Most people tend to be approved for mortgage protection insurance, despite challenges like age and medical conditions.
  • Low premiums: Instead of covering a large range of costs, as many other insurance products, this type of insurance only covers your mortgage. While it can be substantial, it is a known amount, and this limited amount helps keep premiums low.
  • Stress relief: Disaster happens to everyone, but no one who purchased mortgage insurance has to stress about their mortgage payments in the face of disaster. You can give yourself peace of mind now and in the future by investing in this product.
  • Examinations: There are limited circumstances where you will need to submit to a physical examination in order to be approved for mortgage protection insurance, making it more convenient than many other options.
  • Free: Applying for mortgage protection insurance is usually free. That means you can discover the details of your specific policy without cost, allowing you to make a more informed decision.
  • Single policy: Sometimes insurance companies will have you buy multiple policies in order to get the coverage that you want. Mortgage protection insurance can stand on its own.

Why Work With A Mortgage Broker For Mortgage Protection Insurance?

If you’re interested in this insurance, it is important to set it up right when you finance your home to ensure that your mortgage is covered immediately. That’s where we can help. We can connect you with the right mortgage protection insurance policy from the moment your home is financed. In general, brokers offer advanced knowledge, a wider array of options, and sometimes exclusive options you may not be able to find on your own.

Mortgage insurance isn’t right for everyone, but it is hard to know where you stand without a professional third-party opinion. Quality brokers can provide that to you, helping you assess what best suits your needs. For example, while mortgage insurance is very valuable up-front, it diminishes in value over time as you pay off your mortgage. Those who plan to pay off their mortgage within years may not find much value in insuring their mortgage, especially considering the cost of premiums. That said, if your financial situation could change dramatically in those years, it could still be worthwhile.

Ultimately, it is best to talk over your situation and your options with professional mortgage brokers.

Things To Consider About Mortgage Protection Insurance

Mortgage protection insurance is not as simple as it may sound. Here are some important things to consider about your specific policy and how it might work:

  • Transferability: Can it transfer between properties and lenders? Ideally, your mortgage protection insurance would follow you as you make new mortgage decisions in the future.
  • Post-claim payments: Who makes the mortgage payments while your claim is being processed or adjudicated? Especially in the case of death, this is important to know.
  • Extended amortization: What if you end up needing more time to pay off your mortgage than is currently stated? You may want your insurance coverage to continue past your current end date so that you have coverage until your final mortgage payment if the timeline is increased.
  • Coverage: What kind of injuries or illness will trigger coverage under the insurance policy? It’s often important to get coverage for death and disability and to understand what exactly would qualify as a disability.

Why Work With Mortgage Financial Corporation?

We value long-term relationships with our clients, and our highly trained experts want to work with you on all of your mortgage decisions now and in the future. That’s why we focus on understanding your unique needs and supplying you with the best options, and that includes mortgage protection insurance. There are so many reasons to work with us, including:

  • We have over 30 years of experience in mortgages, so we understand your insurance options.
  • We are honest and want to discuss with you if insurance is really to your benefit.
  • We provide exceptional customer service because we care about your experience.
  • We have several offices, so we are easily accessible whenever you need.

Discuss Your Mortgage Protection Insurance Options Today

Reach out to the team at Mortgage Financial Corporation to discuss your options for mortgage protection insurance.


Get In Touch

Mortgage Financial Corporation serves clients across HAMILTON, ANCASTER, DUNDAS, BURLINGTON, STONEY CREEK, WATERDOWN, GRIMSBY, and the surrounding areas.