When we arrange a mortgage for you, one of the important decisions you will be called upon to make is whether to take out mortgage protection insurance.

Most people, especially first-timers, don’t give this much thought until they are faced with the decision.  It is an important decision to make because your home is a huge investment and your mortgage payments are critical to keeping your life in order.

mortgage insuranceMortgage protection insurance gives you the peace of mind that even if other things in your life fall apart, you won’t suddenly be thrown out on the streets.

Generally, mortgage payments are automatically withdrawn from your bank account.  The funds in your bank account are topped up whenever you get paid, on a regular and predictable basis.

But what happens if you or your spouse dies?  What happens if one of you is critically injured and can’t work for six months?  What happens if mortgage and other payments are draining funds from your bank account, but nobody id topping them up?  That’s when mortgage protection insurance saves the day. It makes sure that payments continue, or that the entire mortgage is paid off.

This is easy insurance.

Unlike so many other forms of insurance, this is easy coverage.  To begin with, everybody between the ages of 18 and 65 who has a mortgage is qualified for some coverage.  You will not be denied coverage.  And the moment you apply, you are covered.  There is no delay.

In most cases, there is no separate application process.  We can handle the mortgage paperwork and the insurance paperwork together, saving you time and avoiding the headaches of one more thing to have to remember.  Get your mortgage by completing the simple online application at www.alberta-mortgages.com.

One question people ask about mortgage insurance is whether their rates will go up.  Is this yet another financial account they have to monitor?  The answer is, “No.”  Premiums are based solely on the amount of mortgage that needs to be covered, and coverage extends up to a million dollars.

Premiums won’t change if you get sick.

Premiums won’t change as you get older.

Premiums won’t change if you move, except to the degree that the amount of your mortgage changes.

Your life and disability protection will remain solid over time as your life changes and as your home changes. Your premiums will remain stable.

And you will not have to monitor payments in any way, because they will be coupled with your regular mortgage payments.  So mortgage protection insurance will never become yet another financial account to monitor.

The affordable life-saver.

Mortgage insurance is not very expensive, so it is easy for any homeowner to afford.

The only time mortgage protection insurance is costly is when you didn’t sign up.  Yes, the cost of not taking out insurance on your mortgage can be devastating.  Consider the following scenario.

You are driving through an intersection, not far from home, when another car speeds through the red light and crashes into the side of your car.  You are injured.  You will never be able to work again, certainly not doing what you were doing before, possibly not at all.  Your spouse and your children are devastated. So much sadness.  So much pain.  And the medical bills! To top it all off, your mortgage payment is due and what happens next depends on whether you took out mortgage protection insurance.  Will you…

A) Find yourself and your family homeless because you default on your mortgage, or

B) Have your mortgage paid off, in full, so that you can focus on urgent medical needs and afford to pay for the medical attention that you will need.

Mortgage protection insurance saves the day!

When you complete the online application at www.alberta-mortgages.com for a mortgage on your upcoming home purchase, don’t forget to think about mortgage protection insurance.  It could save your day, too.

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