A house: One of the largest investment that you will ever make in your life. And mortgage would be one of your biggest payments that will come off your pay cheque each month. That is why it is vital to find the right fit when it comes to mortgage insurance.
Let’s look at Mortgage Insurance. What is that? When you buy a house, you owe a financial institution debt known as Mortgage Debts. More often, these financial institutions are banks and traditional monoline lenders. Sometimes there are private lenders too. To protect these mortgages, homeowners have options: mortgage insurance provided by a financial institution, or mortgage protection using life insurance and critical illness insurance provided by an insurance company.
A mortgage insurance by a financier lender only protect the principal. It basically works by paying off the outstanding principal balance of your mortgage should the mortgage owner die, have an accident or suffer a terminal illness, up to a specified maximum amount.
A mortgage insurance by an insurance company protects the mortgage owner, his/her family and his/her dependents.
At Life 100, we find the best mortgage insurance coverage with our top 100 companies. Give us a call!