Buying a home is one of the biggest decisions you'll make. It only makes sense to insure your investment. We know insurance can be complex, and that you have better things to do than worry about what happens to your mortgage if something happens to you. Let 20/20 Mortgage Life Insurance help. In the space of 10 minutes, you can be insured and back to wondering what colour to paint the foyer.
5 Reasons To Opt For 20/20's Online Mortgage Life Insurance
Mortgage life insurance can be a key part of estate planning, but not all mortgage life policies are created equal. Here's how 20/20 stands out from the rest.
1. You’ll Pay Less
Because 20/20 is a streamlined online process, you'll pay up to 20% less than you would with a bank. There's no need for medical exams or long questionnaires, and pre-existing conditions don't bar you from coverage. Premiums are the same for everyone, so there's no penalty if you plan on using that new kitchen to make lots of bacon.
FAQ: What is a Declining Benefit? How Does It Impact My Premiums and Payout?
Some ask about why the value of mortgage life insurance declines as you pay down your mortgage. While this means less of a payout, keep in mind that the point is to cover the mortgage, which is also smaller. Declining need equals declining benefit. And a declining benefit helps keep those premiums low.
2. You Can Access The Coverage You Need, Regardless Of Your Health Situation
Assumption Mutual Life Insurance, one of Canada's oldest and most responsible life insurance companies, underwrites 20/20 Mortgage Life Insurance. They underwrite individual policies at the time of application, so don't worry about a post-claim denial.
The reality is many people don't have enough insurance, or simply or can't get life insurance. Mortgage life insurance is a way to get around that. It gives you peace of mind that your biggest liability is taken care of. 20/20's national team of sales advisors are trained to help families easily calculate their life insurance needs, not just the mortgage value.
3. You’ll Always Be Able To Take Care Of Those Who Matter Most To You
Would you care how big your payout was if it all went straight back to the bank? Didn't think so. With 20/20, that money goes to your designated beneficiaries. They can choose to pay off the remainder of the mortgage or not. Mortgage life insurance is, after all, life insurance.
4. You’ll Be Able To Shorten Your Moving To-Do List
Shockingly, if you sign up for mortgage protection insurance with one bank they want you to stay there. If you sell your home or refinance with another bank, you'll need to get a new policy. And all the headaches that come with it: requalifying could mean higher premiums. Unless you're using 20/20, which isn't linked to a big bank or even to your mortgage lender. It's your policy and it goes wherever you go with no change to your premiums.
5. You Can Bundle Plans If Consolidated Coverage Works Best For You
When conducting a needs analysis, an agent first establishes what the family’s major financial obligations are and for most people, that is their mortgage. So that's what banks focus on. But if you get mortgage life insurance through a bank, that's all you get. With 20/20, disability and critical illness can be factored in.
Ready To Learn More?
With traditional bank-held mortgage life insurance policies, there are plenty of reasons to reconsider signing. With 20/20 Mortgage Life Insurance, there's no good reason not to. Get a quote now with our easy-to-use mortgage insurance calculator, contact us by email, or give our team a call 1-844-974-2020.
