Today's Topic:
Mortgage Life Insurance
About Mortgage Insurance
We have assisted in arranging the financing for the purchase of a home that you've worked so hard to obtain for your family. It's probably one of the largest financial investments you'll ever make. Now what about protecting that investment further?
Here are some important questions you should ask yourself when it comes to mortgage insurance:
- If you were to die prematurely, could your family afford to take over the mortgage?
- If you were unable to work as a result of your sickness or injury, do you have enough disability coverage to cover your current mortgage payments?
- What if you become ill or suffer a serious injury?
- Would the security of your home be jeopardized?
If you have purchased Mortgage Life Insurance you have already protected your loved ones and your investment. In the event of your death, your outstanding mortgage balance will be paid off -- allowing your family to live mortgage free. In the event of you becoming totally disabled, your insured monthly mortgage payments will continue to be made on your behalf for up to 24 months.
How much coverage is available? 
The maximum amount of life insurance is $500,000 for ages 18-59 and $400,000 for ages 60-64. This means that the total of all mortgages insured for Mortgage Life through IA Pacific cannot exceed these maximums.
The maximum amount of disability insurance is $2,000 per month for ages 18-59 and $1,200 for ages 60-64. This means all monthly payments insured for disability coverage through IA Pacific cannot exceed these maximums.
There is a 60-day waiting period under the Mortgage Disability Program. This is an elimination plan, which means that benefits begin to accrue on the 61st day of your disability.
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We'll help with the Insurance!
It is the responsibility of Alberta Equity Mortgages to provide you with all the facts. Some clients may decide not to choose the mortgage life insurance package. We understand that this may not be suitable for everyone, which is why Alberta Equity makes other options available when it comes to Insurance as well as mortgages. We have resources that allow us to provide you with a Term life Insurance quote as well. Please ask your Alberta Equity Representative about all the options available.
Alberta Mortgage Representatives are available to discuss mortgage insurance with you at any time at no charge. We are also available to provide quotes free of any charges or obligation. Simply accept or decline the offer from the Insurance Company. It's that simple!
Alberta Equity's Specialties:
- Pre-Approvals / Qualifications
- Interest Rate Guarantees
- Home Purchases including Private Sales
- Conventional or High Ratio Mortgages
- Variable Rate Mortgages
- First Time Homebuyers
- No Money Down Mortgages
- Mortgages for Self-Employed Applicants
- New Home Construction
- Mortgage Renewals and Transfers
- Refinances
- Debt Consolidations
- Increase or Top Up Investments
- Home Renovation
- Rental Properties
- Second Mortgages
- Commercial Mortgages
- Divorce / Separation / Property Settlement Mortgages
- Interim / Bridge Financing on Confirmed Sell / Purchases
- Free Mortgage Consultations / Mortgage Planning
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Product Popularity
Below is a tally of our most popular mortgage inquiries made using our online pre-approval application for Mortgages in Alberta.
| Mortgage Type | | Inquiries | | First-time Buyer | | 30.18% | | Qualification | | 21.62% | | No Money Down | | 14.86% | | Refinance | | 11.71% | | Renewal | | 6.53% | | Purchase | | 4.73% | | Pre-approval | | 3.15% | | Variable Rate | | 2.03% | | Low Doc | | 1.35% | | Other | | 3.84% | | Last Tally: Jun 11 at 10:55:14 |
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