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Canada Insurance Coverage | Life Insurance Toronto | Health Insurance Toronto | Mortgage Insurance Toronto

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What are the factors in favor of and against the Mortgage Insurance Toronto?

 

Mortgage Insurance is a kind of insurance which aims at paying your mortgage payment during critical conditions of life.

Unlike Health Insurance Toronto, this insurance relieves from all tensions of paying mortgage payments in the event of disability or death of the insured. Hence, this kind of financial security is very protective for the family as the insurance company pays for the beneficiaries and the family can live in their house peacefully.

Some of the several benefits of Mortgage Life Insurance are:

  • Mortgage Life Insurance works only when something unfortunate happens and the insured is not in a position to pay out the monthly repayment due to disability or death. At that time, the insurance company pays the repayment and the family of the insured can live in their home without worry.
  • The claim is reimbursed after a specific period and this benefit continue till the insured get back to work depending on the policy's term and conditions and around 1-2 years whichever is earlier.
  • The insurance benefit covers not only the monthly mortgage repayments but also premium of things like home loan, critical illness and life insurance.

Apart from the above mentioned benefits, there are few disadvantages of Mortgage Life Insurance as under:

  • Nothing is paid before the time period mentioned in the policy. If something bad happens to the insured before the stipulated time, no financial assistance is provided by the insurance company.
  • The premium of this insurance is more and the amount covered is less and the insured will not get any benefit at the end of the policy if the insured is alive at that time.
  • If the insured is suffering from some severe disease like BP, Cholesterol or any other health problem, the premium turns out to be high which becomes unaffordable.

Despite few drawbacks of the Mortgage Life Insurance which could discourage a person from purchasing the policy, advantages of this insurance are immense and it must be ensured that the insurance policy is as per your requirement and affordability.

 

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