Few things can give you the peace of mind that comes from knowing your mortgage will be paid off, and your family is taken care of, at the time of your death. A mortgage life insurance is an affordable way to ensure your family will continue to live in a debt-free home, no matter what happens.
At AIME, we know all about the glaring limitations associated with a traditional bank-issued mortgage life insurance. That’s why our team has developed a mortgage life insurance product that is affordable, more transparent, and more customer-friendly.
Some of the reasons why you should choose AIME’s mortgage life insurance products include:
- We give lower premiums (we offer savings of up to 25%)
- No extensive medical underwriting is required
- You can choose your own beneficiary, giving you total control over your insurance policy
- Your policy is mutually exclusive of your lender, meaning you never have to worry about reapplying or requalifying.
Transparent and Affordable Mortgage Life Insurance
At AIME, our leading team of experts has developed 20/20, Canada’s first digitized, paperless mortgage life insurance product, with the aim of making MLIs as accessible, transparent, and simple as possible.
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Mortgage Life Insurance vs Life Insurance: What’s The Difference?
There are many reasons why people purchase a life insurance policy, whether it’s to pay off a certain debt such as a mortgage or to provide their families with the financial stability they’d struggle to keep if you unexpectedly passed away.
Two main options available to you are mortgage life insurance and life insurance. Here’s the difference between the two and how to decide which is right for you:
What is Mortgage Life Insurance?
Mortgage Life Insurance is simply a term-life policy that is designed specifically to cover your mortgage if you die during the term. For example, if you have a 15-year mortgage and you can purchase a 15-year mortgage life insurance policy that covers the amount owed on your house.
Benefit: This will ensure that your family will be able to pay off the debt left on your home and continue to live there. This is especially useful if you’re the main breadwinner and your loved ones would be unable to make the mortgage payments without you.
How is Personal Life Insurance Different?
Personal life insurance pays out a benefit if the insured person dies while covered under the policy. With personal life insurance, the homeowner typically owns the policy and the payout money can be used however the beneficiary sees fit.
For example, it can be used to:
- Address credit card debt
- Cover living expenses
- Pay for post-secondary tuition
- Pay off a mortgage
Remember: Personal Life Insurance can be purchased for a term that is unrelated to the length of your mortgage and it will not end because your mortgage is paid off.
Optional Extras
In order to tailor your mortgage life insurance policy specifically to your needs, there are various things you can add to it. This includes:
Critical Illness
Finding out that you have a critical illness can be difficult and it can have a serious financial and emotional impact on your family life. Investing in a critical illness coverage has many benefits and can help:
- With the payments towards your mortgage and other debts.
- Replace any income loss you may experience.
- Pay for any special equipment you need for faster recovery.
- Maintain your standard of living
Disability Coverage
Disability insurance is designed to cover you from any loss of income when an accident or injury occurs on the job and can help you cover your expenses when you’re unable to work. Three reasons why you may want to consider adding on this extra are:
- You have someone who is dependent on your income.
- Even office jobs come with the risk of injury or disability.
- Disability coverage is quite affordable.
Why You Need Disability Coverage
Call Today
To find out more about our mortgage life insurance policies, as well as our critical illness and disability coverage, contact our licensed agent today at 1-866-821-1439 or fill in our online contact form.
