Mortgage Life Insurance
 

• The mortgagor owns your policy.
• The insurance amount can only be the exact amount of your mortgage.
• The mortgagor is the beneficiary.
• Outstanding balance of the mortgage is paid upon death of insured.
• Coverage reduces as the mortgage balance reduces but premiums are level.
• You may need to re-qualify if your mortgage is refinanced or transferred - rate based on current age.
• Coverage terminates when your mortgage is paid off.
• Coverage is not portable if you change lenders. Submit new application based on current health and rates.
• Coverage is not convertible to permanent insurance.
• If both insured clients die together, only the mortgage balance is paid.
• Generally, no distinction is made between smokers and non-smokers. 

Personal Life Insurance
 

• You own your policy.
• You may select any insurance amount.
• You name the beneficiary.
• Proceeds are paid to the beneficiary upon death of insured.
• Coverage may be maintained at original amount or reduced as you choose.
• You may never have to re-qualify.
• Coverage remains in place once your mortgage is paid off.
• Coverage is portable if you change lenders - no need to re-apply to prove your insurability. You are protected from the risk of losing your insurance because of change in health.
•  If both insured clients die together, both policies are paid (double coverage).
• Your rates will be based on your smoking status.

For a Mortgage life insurance quote from a licenced Life Insurance broker please contact my office in Nanaimo at: 250-754-7775 or toll free 1-800-758-3077