Mortgage Insurance

Buying a home is the biggest purchase you’ll ever make in your life, so it’s understandable that paying for your home be one of your highest priorities. Normally, in every day life, your family income will sustain itself or even increase to make sure you can always pay your mortgage. Sometimes, though, unforeseeable circumstances happen and you may have to take some extended time off work or even stop working altogether for a while. If you need to be off work for an extended amount of time, your mortgage insurance will help to make sure your mortgage is paid. We can help the residents make sure their mortgage premiums are paid if they are unable to meet their financial obligations. Mortgage Insurance Premiums are calculated based on the amount of your home that is financed as part of your mortgage. There are typically two factors that play into your premium calculations: the type of mortgage you have and the amount you’ve put down on your house when you purchased it as your down payment.

House Insurance vs. Mortgage Insurance

Almost everyone knows what house insurance is, and there’s no question that you want that insurance in the event of your home is broken into, or there’s a fire or some other unfortunate event. House insurance and mortgage insurance are not the same thing. Mortgage insurance plan protects you financially in the event you cannot make your mortgage payments so you do not default, cause harm to your credit or even possible foreclosure on your home.

Why do I need mortgage insurance on my home?

Whether you choose to have mortgage insurance Brampton is up to you, as you need to make sure it suits you and your family’s needs. The best thing we can recommend is that you sit down with a mortgage insurance broker and determine if this type of insurance is right for you. Life happens, and there is no way to know what’s coming in the next 6 months, a year or even 10 years. Having the security to know that you are covered just in case anything happens can relieve a lot of stress from your family. Talk to us to see what you might need – we’re here to help.Call Harpreet Puri at 1 844-542-4678 to get a Mortgage insurance Quickly

FAQ

If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.

Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.

The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.

Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.

You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.

In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.

In Whole Life Insurance, a part of your premium builds a cash value that can be borrowed against the Insurance. It is a tax-deferred amount. The cash value also acts as a collateral to enable you to avail a loan from the third party.

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