Mortgage Insurance

Protecting your home, safeguarding your dreams!

Mortgage insurance

Safeguard your tomorrow with einsured.ca – Elevate your financial security through Mortgage Life Insurance.

Congratulations on reaching a significant milestone in life—owning a home!

Now, let’s ensure you have the right mortgage insurance to protect your investment. While your lending institution may offer insurance options, they often come with limitations.

That’s where we come in.

At einsured.ca, we specialize in providing tailored mortgage insurance solutions that give you more control and better coverage.

What to consider when choosing Mortgage life insurance

Continuity of coverage: Unlike traditional mortgage insurance, it’s important to select a policy that stays with you, even if you switch lenders during your mortgage renewal. This guarantees uninterrupted protection throughout the duration of your loan.
Personalized contracts: Look for plans that empower you to make decisions that matter. With our insurance, you own the contract and have the freedom to choose your beneficiaries.
Stable premiums: Choose a premium that is based on your unique profile and health condition at the time of obtaining the insurance. This ensures peace of mind and long-term financial stability.

Did You Know?

Opting for a mortgage life insurance from an insurance company is more cost-effective compared to obtaining it from a bank. By choosing the right plan, you can save on insurance premiums while enjoying comprehensive coverage.

In case of any unfortunate event, your insurance not only covers your mortgage payments but also extends to other loans you may have. This guarantees that all your financial commitments are taken care of during challenging times.

Buying mortgage insurance from Bank or Lender vs Insurance Advisor

Aspect	Bank Mortgage Insurance	Bought through an Advisor
Policy Ownership	Bank owns the policy	Borrower owns the policy
Coverage Continuity	Ends if mortgage is transferred or refinanced	Coverage remains if mortgage is transferred or refinanced
Beneficiary	Bank is the beneficiary i.e. pays directly to the bank to cover remaining mortgage	Borrower’s chosen beneficiary(ies) i.e. pays to the borrower’s chosen beneficiary, who then decide how to use the money
Policy Customization	Limited to no customization	Highly customizable based on borrower’s needs
Cost	Premiums may be less than private insurance	Potentially more competitive premiums
Flexibility	Limited flexibility	Greater flexibility in policy terms and conditions as insured is the owner with full control of the policy
Transparency	Less transparency, policies bundled with mortgage	More transparent, policies clearly outlined
Portability of Insurance	Not portable, Bank mortgage insurance is tied to your lender, meaning you lose coverage if you switch banks and the payout goes directly to the bank—not your family	With einsured.ca, your mortgage insurance is fully portable, stays with you no matter where your mortgage is held, and pays your chosen beneficiary—not the bank
Medical Underwriting	Bank mortgage insurance usually skips medical underwriting upfront, which means claims can be denied later	einsured.ca policies are fully medically underwritten at the time of application, so there are no surprises at claim time

What are the several options available in mortgage insurance?

When considering mortgage insurance as a form of life insurance, individuals typically have several options to choose from. Each option comes with its own features, advantages, and considerations.

Here are the primary types of mortgage insurance options:

Traditional Term Life Insurance

With traditional term life insurance, the policyholder selects a coverage term (e.g., 10, 20, or 30 years) during which the death benefit is in effect. If the policyholder passes away within the chosen term, the beneficiaries receive the death benefit. This type of insurance can be used to cover the mortgage balance and other financial needs.
This is also called Level Term Insurance - this option ensures that the beneficiaries receive a consistent payout, regardless of changes in the mortgage balance. It may be suitable for individuals who want a fixed death benefit for more comprehensive financial protection.

Decreasing Term Life Insurance

Decreasing term life insurance is specifically designed for mortgage protection. The death benefit decreases over time, typically aligning with the decreasing balance of the mortgage.
This means that the payout will cover the remaining mortgage balance if the insured passes away. It is a cost-effective option for those primarily concerned with protecting their mortgage.

Permanent Life Insurance

Joint Insurance

Joint mortgage insurance covers both partners on a mortgage with a single policy. If one partner passes away, the death benefit can be used to pay off the mortgage. This can be a convenient option for couples who want joint coverage.
When selecting mortgage insurance as a life insurance option, it's crucial to carefully review policy terms, coverage amounts, premium costs, and any additional riders or features.

Critical Illness Insurance (CI)

A serious illness like cancer, heart attack, or stroke can strike without warning—leaving you unable to work and struggling to keep up with your mortgage. Critical Illness Insurance from eInsured.ca provides a tax-free lump sum payout upon diagnosis of a covered condition, giving you immediate financial relief when you need it most.
You can layer CI coverage with your life and disability insurance and customize it to match your mortgage term or risk profile. The payout is yours to use however you need—whether it's covering your mortgage, paying for treatment, or taking time off to recover—so you can focus on your health without the added stress of financial pressure.

Disability Insurance (DI)

If you’re unable to work due to an illness or injury, Disability Insurance from eInsured.ca helps cover your monthly mortgage payments so you can stay on track financially while you recover. It ensures your home remains secure, providing consistent support during a time when your income may be temporarily interrupted.
You have the flexibility to customize your benefit and waiting periods to align with your financial needs. For added affordability, you can choose a decreasing coverage option that lowers your premiums over time as your mortgage balance declines—making it a practical and adaptable solution.

Significance of mortgage insurance

Mortgage insurance, also known as mortgage protection insurance, is designed to provide financial security for homeowners and their families in the event of unforeseen circumstances.

There are several reasons why individuals may find it necessary or beneficial to take mortgage insurance:

Financial Protection for Loved Ones:

One of the primary reasons to consider mortgage insurance is to ensure that loved ones are financially protected in the event of the policyholder’s death. The insurance pays off the remaining mortgage balance, preventing the surviving family members from inheriting the burden of mortgage debt.

Securing the Family Home:

For many families, the home is a significant asset and a place of sentimental value. Mortgage insurance helps secure the family home, allowing surviving family members to continue living in it without the threat of foreclosure due to an outstanding mortgage.

Ensuring Loan Repayment:

Mortgage insurance guarantees that the outstanding mortgage balance is repaid, ensuring that the lender receives the full amount owed. This can be especially crucial in situations where the primary breadwinner passes away, and the family may face challenges meeting mortgage payments.

Peace of Mind:

Mortgage insurance provides peace of mind for homeowners, knowing that their loved ones will be protected from the financial strain of mortgage debt. This peace of mind allows individuals to focus on their daily lives without the constant worry of what would happen if they were no longer there to support their family financially.

Coverage in the Event of Disability or Critical Illness:

Some mortgage insurance policies offer additional coverage in the event of disability or critical illness. This can provide financial assistance to the policyholder if they are unable to work and help cover mortgage payments during a challenging period.

Flexibility in Policy Options:

Mortgage insurance policies often come with various options, allowing individuals to tailor coverage to their specific needs. This flexibility may include choosing coverage amounts, policy terms, and additional riders for disability or critical illness.

Affordability:

Mortgage insurance is often more affordable than traditional life insurance policies. The premiums are typically lower, making it an accessible option for individuals who want to ensure their mortgage is covered without a significant financial burden.

Easy Application Process:

The application process for mortgage insurance is generally straightforward, with fewer underwriting requirements compared to traditional life insurance policies. This ease of application at einsured.ca makes it a convenient option for homeowners.

Quick Payout:

In the event of a covered incident, mortgage insurance policies typically provide a quick payout to the beneficiaries. This can be crucial for ensuring that funds are available promptly to settle the outstanding mortgage and alleviate financial stress.

While mortgage insurance offers valuable benefits, individuals should carefully review policy terms, coverage limitations, and alternative options to determine whether it aligns with their specific needs and circumstances.

Mortgage Insurance

Protecting your home, safeguarding your dreams!