In the world of financial protection, there’s an often-overlooked gem – mortgage life insurance unions by banks and credit unions.
Inclusive Coverage for All
Mortgage life insurance is often available without medical assessments during the application process These assessments are part of simplified issue insurance products offered by banks and credit unions. These streamline the process, keeping the insurance application simple, and offering vital insurance against the largest debt instrument for most Canadians. Claims Approval: Comparable to Traditional Life
Insurance Policies
Bank-sold mortgage insurance doesn’t mean lower claims approval rates. CAFII-commissioned research found that the claims approval ratios for mortgage life insurance offered by banks and credit unions is 95%, which is very comparable to the rates for traditional life insurance. Research and policy comparisons help you find the right plan for your unique needs and risk profile.
Protecting What Matters Most
Mortgage life insurance ensures that the insurance’s core purpose – safeguarding your mortgage – remains front-and-centre. It prevents misuse of funds, guaranteeing the security of your family home.
Steady Premiums for Financial Confidence
To keep the insurance simple, the premiums for mortgage life insurance remain steady through the term of the mortgage. Predictable premiums make budgeting and financial planning easy, allowing you to confidently manage insurance costs alongside mortgage payments.
A Versatile Component of Protection
Mortgage life insurance complements other forms of insurance, such as term life insurance, which covers a broader range of scenarios. Customize your protection plan by combining policies to match your specific needs.
While it might not be the most discussed option, bank and credit union offers of mortgage insurance serves a distinct purpose and represents an opportunity for many. It’s a matter of informed choice, understanding its nuances, and aligning it with your financial goals and family’s needs.
Discover this hidden opportunity with us.💡#FinancialSecurity #InsuranceOptions #CAFII #MortgageInsurance
