Mortgage Protection Insurance

Multiple Types Of Insurance For Your Home

Mortgage Protection Insurance is just one of many forms of insurance that you can purchase for the security of your home. Insuring your home is highly recommended in BC, but not mandatory (depending on the type of insurance). Whether you’re a first time home buyer or you already own your home, it’s never too late to consider insurance to protect your mortgage.

Depending on your home ownership situation, some forms of home insurance include:

• tenant’s insurance (if you are using your home as a rental property)
• condominium insurance (to cover your unit, your locker, damage to the buildings structure etc.)
• mortgage default insurance
• general homeowner’s insurance
• mortgage protection insurance

Let's Get With It, What Does Mortgage Protection Insurance Do?

Life is an exciting ride, although sometimes it can throw a curveball your way (and when it does, you better be ready to catch!) Mortgage Protection Insurance ‘has your back’ and can protect you when life gets tough.

Depending on the insurance you choose, Mortgage Protection Insurance can protect your home or your beneficiaries if you experience:

An unexpected death or life-altering illness/disability - depending on your policy, mortgage protection insurance can assist with life insurance or critical illness insurance

Job loss - depending on your policy, mortgage protection insurance can help cover your mortgage payments (for the amount of time specified in your agreement) until you’re back on your feet

With what feels like an increasing amount of future unpredictability, protecting yourself (and your family) is a simple safeguard in the event life throws you a curveball.

What Will Mortgage Protection Insurance Cost Me?

Way less than it would if something bad were to happen and you didn’t have it!

The amount you pay for your Mortgage Protection Insurance will depend on:

• your insurance provider
• what ‘level’ of insurance you’ve signed up for
• the size of your mortgage
• the percentage of coverage you choose (often 50% or 100% coverage)
• and (potentially) more, depending on the provider

Overall, the cost of mortgage protection insurance is relatively affordable. It’s often a small enough cost that many borrowers don't notice in their mortgage payments. The only thing you may notice is the peace of mind you’ll feel knowing that IF something goes wrong, you’ll be covered.

How To Choose Your Mortgage Protection Insurance Provider

While we aren’t responsible for selling mortgage protection insurance, we can recommend providers based off our knowledge within the industry. Speaking with a licensed mortgage broker (such as myself, Kyle Benzies), can ensure that you’re choosing an insurance policy which best suits your needs at the best price. I work with Manulife, an industry leader within the Mortgage Protection Industry (because I fully believe in and trust their product).

Manulife As A Mortgage Protection Insurance Provider

Manulife is a reputable name which you may already recognize (likely from extended health benefits provided through a workplace).

They’re a popular option for mortgage insurance for a reason!

Automatic Approval - If your mortgage is under $300,000 and you answered ‘No’ to all the ‘health’ questions, you most likely qualify to be automatically approved!

Reputation & Reliability - Manulife has a good standing and rating within the industry. They’re a large corporate provider that’s reliable and doesn’t have ambiguous meanings over their policies. We find them to be very straight forward – what you sign up for is what you get

Money Back Guarantee - Change your mind? That’s okay! Manulife will allow 60 days for you to decide whether you want to keep the policy. If you don’t, no-harm no-foul and you receive your money back.

Competitive Rates - We discussed the cost of mortgage protection insurance earlier; Manulife offers competitive rates within the industry – they even compete with major banks to be more affordable

Significant Disability Benefits

• Manulife offers one of the least expensive Disability options in the industry
• Manulife provides Disability insurance independently (whereas many other insurance providers require you to purchase Life Insurance first)
• Disability claims are not subject to income tax, and you don’t need to report them to your Private Insurer or Canada Pension Plan (CPP)

Manulife Mortgage Protection Insurance Moves With You If you decide to change lenders, your plan is 'portable' and will follow you to your new contract.

Seems Simple, How Do I Get Started?

When it’s time to renew or refinance your mortgage I'd love to help secure the best mortgage deal suited to your specific lifestyle and goals.

And when it comes time to insure your mortgage, I'll offer reliable expert recommendations (at no cost to you) for Mortgage Protection Insurance (which have potential to save YOU money)!

I'm Kyle Benzies (licensed mortgage broker) - I look forward to connecting with you to see how I can help you on your mortgage journey.