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Mortgage Life Insurance

Life Insurance Pro understands the significance of safeguarding your greatest investment—your home. Secure it with Mortgage Life Insurance, ensuring your family's continued residence in the event of your passing. Plan wisely for their future security.

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At Life Insurance Pro, we understand the paramount importance of family. Our top-tier insurance policies empower you to consistently support your loved ones, ensuring financial stability even in your absence.

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Mortgage Life Insurance Explained

What exactly is Mortgage Life Insurance? It serves to cover missed mortgage payments, preventing property foreclosure. Premium payments cease only when your mortgage is settled. In the event of your passing, your family is relieved from mortgage worries, as payments are directed to your financial institution, not them.

Tips to Save Money on Mortgage Life Insurance

At Life Insurance Pro, we’re dedicated to your savings. Simplify your search by requesting a quote through our website. We compare rates from top Canadian insurers, sparing you the hassle. Consider these ways to further save money on Mortgage Life Insurance:

Aim for a 20% Down Payment

Sidestep Mortgage Life Insurance by saving a 20% down payment on your desired property.

Adjust Down Payment Percentage

Strive to increase your down payment to reach a new percentage bracket. More upfront payment means reduced Mortgage Life Insurance premiums.

Opt for a Shorter Amortization Period

Choose a shorter mortgage term to accelerate repayment. Though monthly payments rise, you’ll settle your mortgage faster, ceasing insurance payments sooner.

Pay Extra Regularly

Make additional payments whenever feasible to clear your mortgage ahead of schedule. With each payment, your Mortgage Life Insurance obligations diminish until your mortgage is fully paid off.

Mortgage Life Insurance FAQ’s

This section aims to provide even more valuable information on the topic of Mortgage Life Insurance:

Mortgage Life Insurance is a type of insurance that covers the outstanding balance of your mortgage in the event of your death. If you pass away while the policy is in effect, the insurance pays off your remaining mortgage balance, ensuring your family can keep the home without the burden of mortgage payments.

Anyone with a mortgage, especially those who want to ensure their family can keep the home if they pass away, should consider Mortgage Life Insurance. It provides peace of mind knowing that the mortgage will be paid off in the event of your death.

Mortgage Life Insurance covers the outstanding balance of your mortgage loan. If you pass away while the policy is active, the insurance company pays off the remaining balance directly to the mortgage lender, ensuring your family can keep the home.

Mortgage Life Insurance is not mandatory, but it’s often recommended for homeowners who want to protect their family from the financial burden of the mortgage in case of death. However, some lenders may require it as a condition for approving the mortgage.

Mortgage Life Insurance can usually be cancelled or transferred, depending on the terms of the policy and the insurance provider. Homeowners may choose to cancel the policy if they refinance their mortgage or pay off the loan early. Transferring the policy to a new property is also possible in some cases. It’s essential to review the policy details and consult with the insurance provider for specific options.

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