Homeowners in Edmonton and all of Alberta need better Mortgage Insurance Protection

Whether you have bank or creditor insurance or don't have any mortgage insurance at all, you need to get educated on why you should have mortgage insurance and what your options are. Don't leave yourself uncovered or leave your loved ones behind with a burden of debt.

Why should you have Mortgage Life, Disability, and Critical Illness Insurance?

You need to ask yourself these three questions:

  1. If you were to lose your job, or become disabled - how would you make all your debt payments?
  2. If you were diagnosed with a critical illness - how would you make your debt payments?
  3. If you were to die, who would you leave behind with this burden of debt?

Yes, these sometimes are very tough questions to ask, but are necessary. Once you have answered this you then need to ask yourself:

How much money would I need to take care of this and where would the money come from? The money can come from a few places such as:

  1. Take from savings or retirement savings such as RRSP's.
  2. Borrow more money from other debt sources, or family and friends.
  3. Sell your home or other personal assets.
  4. Have a fully guaranteed Life, Disability, and Critical Illness Insurance protection plan in place for a low monthly cost.

At Bridge Financial Insurance Ltd. our main goal is to help you fully understand what your requirements would be, explain how the different programs work and their associated costs. This is done through our comprehensive Bridge Needs Analysis. Once the needs analysis is completed we can then show you a variety of mortgage insurance options and find something that will fit in your budget for both short and long term with flexibility along the way.

What is the difference between my bank/creditor mortgage insurance and a Mortgage Insurance Plan with Bridge Mortgage Insurance?

Benefit

Bridge Mortgage Insurance

Creditor Mortgage Insurance

Client chooses beneficiary

Yes

No

Insure any amount

Yes

No

Benefits remain level

Yes

No

Premiums and benefits guaranteed

Yes

No

With the Bridge Mortgage Insurance:

  • Your application is done by a fully licensed mortgage insurance agent in Alberta. With lenders insurance, the people helping you put this insurance in place are typically not licensed life insurance agents.
  • The premium and benefits are guaranteed once the Bridge contract is put into place. Lenders insurance premiums and benefits are not guaranteed and the lender can cancel or change the policy at any point in time.
  • The tax free benefit that goes to your beneficiary can be used to pay of mortgage or do what they chose with the monies. What some forget is if you paid off the mortgage right away you may not have any money for other debts to pay off, you may have to go back to work immediately leaving you with no time to deal with the loss of a loved one. Also, if the interest rates low it might make more sense to not pay off all the mortgage. Either way, with Bridge Protection, when you chose the beneficiary they will have the choice of what to do with the monies.
  • As you pay down your mortgage and other debts the death benefit stays the same. With Mortgage Life Insurance from lenders your payment stays the same but the coverage decrease as the mortgage debt is paid down.
  • If you decide you want to change lenders for your Mortgage you won’t need to do anything with protection from Bridge Financial Insurance. If you have typical lender insurance you would have to reapply with the new lender’s insurance program. This may cause some difficulty in the future as you would be older (prices increase as we get older), and you could develop medical conditions that you may be deemed uninsurable, leaving you with no coverage.
  • You can cancel, change benefit coverage, change to different types of insurance along the way which gives you the most flexibility as your life changes. Lender mortgage insurance has no flexibility.
  • Your policy would be a guaranteed contract that is medically approved at the application time, leaving you with confidence that your policy is solid and will be there when needed. With lender mortgage insurance programs they are most often a certificate of insurance and not a contract and is medically underwritten at the time of a claim. This could possibly leave you with no insurance at all, but you wouldn’t know that until something happens, at which time is too late.

Don’t go without proper protection. Bridge Financial Insurance Ltd. is here to guide you along the way and help you create the most advantageous Mortgage Insurance Protection Plan that will be there to protect you and your family and not the bank. Even if you already have some insurance in place you probably haven’t heard from your agent since it was put in place. You can ask us to get a full insurance review at no cost to you. Call Bridge today or complete the FREE Mortgage Insurance Quote form and let one of our dedicated advisors help.