Protect yourself and your family from the financial burdens associated with a mortgage with our flexible and affordable mortgage life insurance policies.
Mortgage life insurance is an innovative product that protects your family and guarantees that your remaining mortgage at the time of your death will not be a burden to your loved ones. Here are some of the benefits of purchasing mortgage life insurance over more traditional forms of insurance.
- Mortgage life insurance gives you ‘peace of mind’ that your mortgage loan won’t be a burden to your loved ones.
- MLI requires little to no underwriting, so it’s beneficial for people with pre-existing conditions, in poor health, or in old age.
- MLI ensures that your loved ones will always have a roof over the heads, in case of your unexpected demise.
Customisable Mortgage Life Insurance Policies
ABOUT 20/20 MORTGAGE LIFE INSURANCE
20/20 MLI Vs Lenders' Mortgage Life Insurance
Your lending institution offers mortgage insurance but why settle for a product that just does one thing? When it comes to protecting your home and your family, here’s what you should ask.
Do I Own My Policy?
With Most Lenders' MLI: No. Your lending institution holds the contract with the insurance carrier.
With 20/20: Yes. You have full control over your policy.
If My Needs Change, Is My Coverage Flexible?
With Most Lenders' MLI: No. You cannot alter your coverage amount and if you move, refinance, or renegotiate your mortgage, you can’t transfer your policy and will have to requalify, often resulting in higher premiums.
With 20/20: You can choose the coverage amount you need and whether you move, refinance, or renegotiate your mortgage, your coverage stays with you.
Can I Choose the Beneficiary Of My Policy?
With Most Lenders' MLI: No. Your mortgage provider will be the beneficiary.
With 20/20: Yes. You can choose the beneficiary of your mortgage life insurance policy.
Can My Beneficiary Use The Proceeds Of The Policy To Cover Other Needs?
With Most Lenders' MLI: No. The payout has to be used to pay off the mortgage.
With 20/20: Your beneficiary can use the death benefit for any purpose such as the mortgage, debt payments, and other daily living expenses.
Do I Need to Do Extensive Health Tests Before I’m Approved?
With Most Lenders' MLI Yes.
With 20/20: You don’t have to undergo extensive medical examinations and no blood work or medical tests are needed. You just need to answer 5-6 simple health questions.
Do I Have Many Choices?
With Most Lenders' MLI: No. In general, you have very limited options and you typically can’t customise your policy to your unique needs.
With 20/20: Yes. You can select between many different types of insurance such as critical illness insurance or disability insurance based on your current and/or evolving needs.
Talk To One of Our Licensed Agents Today
At 20/20, our mortgage life insurance products offer you an innovative solution that helps protect your home and your family’s future. Not only do we offer more protection, more flexibility, and more value than traditional mortgage insurance, but it’s also at a better price!
Purchasing mortgage life insurance is a very important decision and choosing the right policy is essential for protecting your family. Talk to one of our agents about our products and how we can help protect your family’s future.
Contact us at 1-866-821-1439 or fill in our online contact form.
