If you are purchasing life or mortgage insurance for the first time, it can be difficult to know what you’re looking for. Here are the top questions about life insurance that you’ve always wanted to ask.
There are many different forms of insurance, from life and mortgage insurance to critical illness and disability coverage but the core of any insurance plan is the same: to offer you protection and mitigate your financial risk.
Making that investment in any insurance plan will offer your security and allow you to live tension-free. In addition, it offers several other key benefits, including:
- It safeguards your family’s financial needs
- It secures any future goals your loved ones have in case of your untimely demise
- It provides you with peace of mind
- It alleviates the risk factor in your life
Flexible and Transparent Mortgage Life Insurance
At 20/20, we are proud to offer Calgary’s first digitized, paperless Mortgage Protection Product and has been designed to make mortgage life insurance as transparent, affordable, and accessible as possible.
Want to know how we can help you?
Everything You’ve Always Wanted to Know About Mortgage Life Insurance
Are you a new homeowner? If so, it’s crucial that you make arrangements to ensure that if anything happens to you, your loved ones aren’t left shouldering a huge debt and the prospect of losing their home.
Investing in a mortgage life insurance policy is important because it will ensure:
- Your family’s financial security
- You have total peace of mind, knowing your mortgage won’t be a financial burden to your loved ones
- Your spouse and children will always have a roof over their heads
However, choosing the right mortgage life insurance isn’t always easy so to help get you started, here are some of the most frequently asked questions about MLI:
1. What is Mortgage Life Insurance?
Mortgage life insurance is a type of credit protection insurance that pays out your mortgage balance in the event of your demise, making it possible for your surviving spouse and family to remain in their home without financial hardship.
TIP: If your family relies primarily on your income to make the mortgage payments, then a mortgage life insurance policy is an excellent way to protect their financial future.
2. Can I Include Illness or Disability Coverage to my Policy?
Yes! At 20/20, we understand the need for total risk management, which is why we provide the option of adding critical illness coverage and disability coverage to your mortgage life insurance policy.
Why Consider Critical Illness Coverage
- Your family depends heavily on your salary to support your lifestyle.
- You don’t have enough savings to lean back on in case you unexpectedly become seriously ill and are unable to work.
- Your job won’t cover you for a long period off work due to sickness.
Who Needs Critical Illness Coverage?
Why Consider Disability Coverage
- Injuries don’t only happen to those who work physical jobs such as construction work. Even office jobs come with their own risk factors (eg. repetitive stress injury)
- For an affordable cost, it provides you with total peace of mind and financial security for your loved ones.
- If you have people who are dependent on your income (eg. spouse, children, or elderly parents), disability coverage can provide much needed financial protection.
Reasons To Buy Disability Coverage
3. Is the Application Process Easy?
At 20/20, we know that purchasing mortgage life insurance is a huge investment and our team is dedicated to making this a positive and easy experience for you. There are three ways you can apply for 20/20 MLI:
- Use our online platform
- Call one of our licensed agents
- Use our chat box
Our agents can work with you through the entire process, ensuring your information is treated with confidentiality. You can even schedule call-backs for times that are most convenient to you.
4. Why Choose 20/20
Unlike with traditional, bank-issued MLI, where it’s decided if you qualify only after a claim is made, with 20/20, you’re approved instantly! Based on a simple questionnaire, we can confirm whether or not you’ve been approved and if you have, a policy is sent out by email.
Benefits of 20/20:
- To apply, you only have to answer 6 simple medical questions.
- Any coverage under $600,000 DOES NOT require blood work or a medical exam
- If you aren’t approved for whatever reason, our agents are more than happy to discuss and help you find an alternative policy to give your family the protection they deserve.
- We offer our customers more affordable policies due to the fact that we don’t have the overhead of large brick and mortar locations.
Call Today
To find out more about our comprehensive, transparent, and flexible mortgage life insurance policies, contact us today at 1-866-821-1439 or fill in our online contact form.
