How important is Mortgage Insurance?

Buying a home is one of the single largest purchases you will make in your lifetime. At Dominion Lending Centres we  believe it is an investment that needs to be protected. This is not to be confused with Mortgage default insurance (mandatory with less than 20% down) which only protects THE LENDER.

45% of uninsured Canadians included life insurance among their top five financial priorities and 21% ranked it in their top three – yet they still have no coverage.

76% of parents said they worry about their family’s financial situation in case of their death according to a recent financial report.

What would your family do if something unfortunate happened and they were left to make the mortgage payments on their own?

Mortgage Protection Insurance protects your investment in the event of death of you and/or your spouse. The mortgage on your home would be paid off, family members to use other existing insurance to maintain their lifestyle and recover from your loss.

Manulife – Mortgage Protection Plan offered through Dominion Lending Centres has some great features that traditional bank mortgage insurance doesn’t provide. That includes portability – so when it is time to renew your mortgage you won’t lose your coverage (or have to re-qualify). No matter how many times you relocate or lenders in the future. PLUS premiums don’t increase with changes in health.

In addition, MPP includes two vital insurance products for your mortgage protection: Life Insurance and Total Disability Insurance.

With MPP in place, your mortgage balance is protected in the event of a serious accident, illness or death. Most traditional term life policies only cover you in the event of death.

HOW TO APPLY

Your mortgage broker can walk you through the ins-and-outs of mortgage life insurance at the time of funding. You have the option to cancel after 60 days of coverage.

Talk to your Dominion Lending Broker or Agent today and protect your mortgage with life and disability insurance today.