Mortgage Insurance
Phone 780-968-5332
Toll Free 1-800-381-4474
You might not be covered even when you pay your premiums
Some of the chartered banks have been caught selling mortgage life insurance to clients, and then not paying out when death occurs. As morbid as that sounds, that is what CBC News discovered. Watch the CBC report here.
We do not use this type of mortgage life insurance that the banks sell. Our mortgage life insurance is underwritten in advance. That way you will know that if you are paying the premiums, then you will be covered.
Is your mortgage life insurance transferable?
In addition, your mortgage life insurance from MortgageFlex is transferable to any lender. Why is this important? Well, I had a lady come to me about a year ago. She had a high interest rate mortgage with her bank, and she came to me seeking a lower rate. I quoted her a much lower rate. The only problem was that she had mortgage life insurance with her bank, her husband had since been diagnosed with cancer, and her bank knew this. If she transferred mortgage, then her policy would be cancelled, and her husband would no longer be covered. She had to stay at her bank with the high interest rates simply because she needed to keep that life insurance.
Your MortgageFlex insurance is transferable. And, our mortgage life insurance is among the lowest priced in the industry. All of the underwritten by ManuLife, a trusted industry leader.
Two Other Types of Mortgage Insurance
In addition to the mortgage life insurance, there are 2 other types of insurance which are often obtained with a mortgage. Fire insurance, and default insurance.
Fire Insurance
All mortgages will require fire insurance. While we don't arrange that for you, we can refer you to a great agent if you need help with that.
Default Insurance
Some mortgages will require default insurance. This is usually when the amount of equity left in the house, or down payment, is less than 20% of the value of the home. In these cases, CMHC, Genworth, or CG, will charge the lender an insurance premium which you have to pay for. This insurance protects the lender in the event that you do not fulfill your obligations with your mortgage. This insurance does not provide benefits to you, as the homeowner, in any way.
MortgageFlex
Get a Fast Rate Quote Now!
Mortgage Type
Home Description
Your Credit
