Should something tragic result in the passing of you or your spouse, the mortgage on your home could be paid off, allowing surviving family members to recover from their loss without the financial burden of covering mortgage payments.
The mortgage insurance offered through Dominion Lending Centres includes portability – a feature traditional bank mortgage insurance do not normally provide. So when it is time to renew your mortgage you won’t lose your coverage (or have to re-qualify) no matter how many times you change homes or lenders in the future – and premiums wouldn’t increase with changes in health or as you get older.
In addition, the Mortgage Protection Plan includes two vital insurance products for your mortgage protection: Life Insurance and Total Disability Insurance. With this coverage in place, your mortgage is protected not just in the event of death, but also if a serious accident or illness leaves you unable to work. Most traditional term life policies only cover you in the event of death.
Your Dominion Lending Centre mortgage professional can walk you through the ins-and-outs of mortgage life insurance, the applicable costs, as well as provide you with instant coverage and a money-back guarantee, should you choose alternative coverage and cancel your policy within 60 days.