Protection For Your Loved Ones

Mortgage Life Insurance in Barrie, Ontario

Mortgage life insurance helps you plan for the unforeseeable

Mortgage Life Insurance in Barrie, Ontario

Purchasing a new home is exciting. Yet, however thrilling the occasion may be, it is important to keep your head cool and consider other important decisions that come with buying a home. For example, you may want to explore your options for mortgage life insurance in Barrie, Ontario.

Also known as “mortgage protection insurance” or simply “mortgage insurance,” mortgage life insurance offers a great safety blanket for your loved ones in case of your death. At Walton Financial, we are happy to offer our unparalleled expertise in the field of insurance to help you evaluate your options and come to the optimal decision for your and your family’s future

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All You Need to Know

What is Mortgage Life Insurance?

Mortgage life insurance is a term life insurance policy designed specifically to cover mortgage debts and associated costs in the event of the borrower’s death. Mortgage life insurance policy is often created to match its term to the mortgage amortization, with the death benefit decreasing each year to correspond to the remaining mortgage balance.

With a traditional life insurance policy, a lump sum of cash (a.k.a. “death benefit”) is paid out to the beneficiaries when the policyholder dies. With mortgage life insurance, on the other hand, the benefit is only paid out if the borrower passes away while the mortgage is still in existence. Here, the beneficiary is the mortgage lender.

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Know the Difference

Mortgage Protection Insurance
vs Personal Life Insurance

Balance

Mortgage protection insurance will cover the balance of your mortgage, which will decrease over time as the mortgage is paid down. Personal life insurance usually maintains a level death benefit, as it is not linked to your mortgage.

Term

Furthermore, mortgage protection insurance coverage ends as soon as the home is paid off completely. Personal life insurance coverage is unaffected by the mortgage ending, providing the protection for the following years.

Quick

Mortgage protection insurance is quick and easy to arrange. Getting personal life insurance is much more complicated and involves exploring your medical history in detail.

Which Insurance is Right for You?

Types of Mortgage Protection Insurance

There are two basic types of mortgage life insurance: decreasing term insurance and level term insurance.

Decreasing Term Insurance With decreasing term insurance, the size of the policy decreases according to the outstanding mortgage balance until it reaches zero.
Level Term Insurance With level term insurance, the size of the policy does not decrease over time. This type of mortgage protection insurance is appropriate for borrowers with interest-only mortgages.

Not sure which type of mortgage insurance is right for you?

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What are the Benefits?

Benefits of Mortgage Life Insurance in Barrie, Ontario

Paying mortgage is a big responsibility, and as many as 75% of Canadians report that they would struggle to repay the housing debt in case of death of their main provider. Luckily, by purchasing mortgage life insurance through Walton Financial, you can protect your loved ones from the financial struggles upon your death.

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Keep Your Family Home in the Family

With a mortgage protection insurance in place, your loved ones won’t have to worry about what might happen to the family home after your death. In the event of your death or disability, the mortgage life insurance will simply pay off the complete mortgage loan.

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Have Peace of Mind

Mortgage insurance coverage can give you a much-needed peace of mind knowing that your family will have a place to live in case you die. With the mortgage paid off, your family will only need to worry about property taxes and insurance every year. Walton Financial Group Inc. will help you with a needs analysis to determine how much coverage is suitable for your case.

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If you think mortgage life insurance is the right fit for you, - or if you simply wish to learn more about this type of life insurance - do not hesitate to reach out to Walton Financial Group Inc. for more information. Our licensed life insurance specialists will be happy to walk you through the application process and provide customized solutions based on your personal situation. The applications can be done remotely through an electronic application, or during an in-office consultation.

Protect Your Family’s Future with Walton Financial

If the thought of your family being stuck with high mortgage payments after you die stresses you out, consider purchasing mortgage life insurance for your Ontario home. Mortgage life insurance offered by Walton Financial is an easy, convenient, and affordable way to protect your family’s future.

The best time to plan for your future is now. Book an appointment today to discuss your mortgage protection options.

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Have Questions?

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Mortgage Life Insurance in Barrie, Ontario