Serving Canadian Christians
Term Insurance for your mortgage
The mortgage on your home represents the largest debt you are likely to acquire. Term insurance can be used to pay off your mortgage in the event of your death, giving your family some much-needed security.
Insure your loved ones not your lender - buying coverage from your mortgage lender is not always your best choice.
Term insurance is affordable.
Term insurance usually offers greater efficiency and lower premiums than bank mortgage insurance because insurance is our specialty.
You name the beneficiary.
You choose the beneficiary. Having the option to choose who receives the death benefit may be a better choice for your family. Most bank mortgage insurance names the mortgage lender as the beneficiary of the policy. This eliminates the mortgage debt, but it leaves your family with no choices.
Term insurance pays a larger benefit than mortgage insurance from your lender.
Your mortgage balance is constantly reduced by the payments you make. A $200,000 mortgage may have a balance several thousand dollars less than the original amount, after a few years. Insurance from your mortgage lender provides only enough money to settle the reduced mortgage balance, yet your premium remains the same, based on the original mortgage amount. This means that you pay for coverage you are not receiving.
A $200,000 death benefit with a Term 10 or 20 policy remains at $200,000 for the entire term. The benefit you pay for is what your family will receive in the event of your death.
Term insurance is portable.
Term insurance premiums remain fixed, regardless of the mortgage holder or any change in your medical status. Even if you choose to renew your mortgage with a different lender, your term insurance will not be cancelled and your premiums will not change during the term.
Term insurance coverage can last beyond your mortgage.
Paying off your mortgage is cause for celebration ... but losing insurance coverage often is not. Term 10 insurance coverage extends up to age 75 (Term 20 coverage extents up to age 85) with no proof of insurability**. Mortgage insurance from your mortgage lender expires with your mortgage.
** Convertible to permanent insurance until age 65; renewable for 10-year periods to age 75 (or 20-year periods to age 85) with no further proof of insurability.
Term insurance offers more than mortgage protection.
Term insurance is an ideal way to increase your life insurance coverage at an affordable cost. This makes it ideal for new families, small business owners, and others who need to provide increased financial security.
Benefits for Life
When you purchase Term insurance from FaithLife Financial, you also receive the benefits of membership - people who care, information to help throughout life, and a means for you to be of help to others. Talk to your FaithLife Financial representative today or contact our Head Office for more information.
