Mortgage Insurance
Mortgage Insurance Information
The objective of Mortgage Insurance Protection is to allow you to avoid leaving a significant debt for your surviving spouse and children. It enables your loved ones to keep the house and all the benefits associated with it, rather than having to sell, in the event you suffer from a critical illness or should you pass away prior to repayment of the mortgage loan.
If you already have mortgage insurance, but you or your Bank are looking for mortgage protection, make sure you watch the video to the right. |
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Consider the following before purchasing Mortgage Insurance with your Lender:
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Mortgage insurance through
a mortgage lender or Bank |
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Mortgage Protection through
GBF Financial |
| Who does the insurance cover? |
Only the individual(s) listed on the mortgage. |
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You, your partner and your children – you can protect your whole family, even those who are not responsible for paying your mortgage. |
What does the insurance cover? |
Only the balance of your mortgage. |
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Whatever you need it to cover. In addition to your mortgage, cover debts like your line of credit, credit cards, etc. |
Who gets the benefit if I die or become seriously ill? |
The mortgage lender is automatically the beneficiary. |
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You decide who gets the insurance benefit and how it's used – to pay your mortgage, medical expenses or your child's education – whatever is best for you and your family. |
What happens as my mortgage balance decreases? |
The coverage amount decreases as the mortgage balance decreases. When the mortgage is paid off, the coverage ends. |
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The amount of coverage you have stays the same for as long as you own your policy – unless you decide to change it. |
What if I cancel my insurance? |
You lose all the money you paid for the coverage. |
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Depending on your insurance, you may get some of the money back that you've paid in premiums. |
What if I want to change my insurance? |
You can't. |
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You may have the flexibility to adjust the type and amount of your insurance, or even convert to a permanent solution. |
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