Mortgage Life
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Your home is your greatest investment. Make sure you’re covered with Mortgage Life Insurance.
Mortgage Life Insurance provides the benefit of ensuring your family will have a home in the unfortunate event of your passing.
What is Mortgage Life Insurance?
Mortgage Life Insurance will cover the cost of missed mortgage payments so that you can avoid the foreclosure of your property. Your insurance policy premium payments will only stop once your mortgage is fully paid off.
You can also rest assured that in the unfortunate event of your passing, your family will not have to worry about paying the mortgage or finding a new place to live. However, the policy payments will always go straight to the financial institution you hold your mortgage with, and not to your family.
Is Mortgage Life Insurance required?
Mortgage Life Insurance is only required depending on the amount of your down payment. If you put down below 20% of the property’s value, Mortgage Life Insurance will be required by the lender to protect your money in case you default on your loan payments.
Many new home buyers cannot afford a 20% down payment. The minimum down payment in Canada for a first time buyer is 5%, which is what most people choose to pay. If the value of the property you want is above $500,000 but below a million, you will have to pay 5% of the $500,000 plus additional 10% of the remaining amount. Properties valued at one million or above need a 20% down payment and do not qualify for Mortgage Life Insurance.
Buying Mortgage Life Insurance provides security to your lender, which allows them to offer sustainable interest rates on your loan.
How is Mortgage Life Insurance cost calculated?
Your Mortgage Life Insurance cost will depend on the value of the property you wish to buy and your down payment amount. The lower the value of the property and the bigger the down payment, the lower the Mortgage Life Insurance cost will be.
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How to Save Money on Mortgage Life Insurance?
We want to help you save your money. The best way to save money on Life Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
20% Down Payment
Avoid the need for Mortgage Life Insurance by saving up a 20% down payment on the property you want to purchase.
Down Payment Percentage
A 20% down payment may be out of reach. But you can try to contribute an extra amount to reach a new down payment percentage bracket. The more money you’re able to put down, the lower your Mortgage Life Insurance will be.
Shorter Amortization Period
Your mortgage amortization period is the total amount of time it takes to pay off your mortgage. If you get a shorter term, you will have higher monthly payments, but you will pay it off faster and stop making mortgage payments.
Pay Above Your Monthly Payments
Make extra payments on your mortgage loan to pay it off early whenever you can afford it. Your Mortgage Life Insurance payments end as soon as your mortgage is paid off.
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