The ‘new norm’ has impacted so many aspects of daily life – from our routines to employment and even our financial wellness. Many homeowners in Ontario may now find themselves in more debt since the pandemic began. Statistics Canada indicates that a large amount of Canadian debt includes mortgage debt.
Mortgage Life Insurance acts to protect your family’s biggest investment — your home. If something were to happen to you, could your family keep up with mortgage payments over time? If the answer is no, Mortgage Life Insurance may be for you.
Mortgage Life Insurance is a coverage that can all or a certain percentage of your mortgage principal in the event of your death with up to 8 beneficiaries under the policy. Sometimes offered through your financial institution as part of your mortgage, this insurance is offered by a variety of insurers with options for serious illness or disability.