Frequently Asked Questions About Mortgage Life Insurance
Why Is It Important To Insure Your Mortgage?
Why Is It Important To Insure Your Mortgage?
Mortgage life insurance provides a financial safety net for your family in the event of an untimely death. A good mortgage life insurance policy leaves your family with non-taxable funds that cover a range of expenses such as your mortgage, personal loans, living expenses and funeral costs.
What Are My Options For Insuring A Mortgage?
What Are My Options For Insuring A Mortgage?
You have the option of purchasing mortgage life insurance through your lender (Credit Life Insurance), or through an independent insurance broker (Mortgage Life Insurance). A mortgage life insurance policy through an independent insurance broker is recommended by most financial advisors.
What Is The Difference Between
Mortgage Life Insurance and
Credit Life Insurance?
There are significant differences between Mortgage Life & Credit Life insurance policies. Where you purchase your insurance has major impacts on your monthly premiums rates, the pay-out amount you’re entitled to, who your beneficiary is, and how your money is spent.
What Is The Difference Between
Mortgage Life Insurance and
Credit Life Insurance?
Mortgage life insurance provides a financial safety net for your family in the event of an untimely death. A good mortgage life insurance policy leaves your family with non-taxable funds that cover a range of expenses such as your mortgage, personal loans, living expenses and funeral costs.
You have the option of purchasing mortgage life insurance through your lender (Credit Life Insurance), or through an independent insurance broker (Mortgage Life Insurance). A mortgage life insurance policy through an independent insurance broker is recommended by most financial advisors.
There are significant differences between Mortgage Life & Credit Life insurance policies. Where you purchase your insurance has major impacts on your monthly premiums rates, the pay-out amount you’re entitled to, who your beneficiary is, and how your money is spent.
What Are Some Benefits For First-Time Home Buyers?
What Are Some Benefits For First-Time Home Buyers?
The first time home-buyers incentive allows you to receive up to 10% of your home’s value in a shared equity mortgage. This incentive lowers the amount you need to borrow from your lender, which then lowers your monthly expenses.
What Are Some Tips For First-Time Home Buyers?
What Are Some Tips For First-Time Home Buyers?
If you want to keep monthly costs down, ensure you have a 20% down payment ready to go to avoid paying for both CMHC and Mortgage Life Insurance. These insurances are required if you put down under 20% and can drastically increase your monthly costs.
What Would You Say To Someone Who Currently Has Mortgage Insurance From A Bank Or Credit Union?
What Would You Say To Someone Who Currently Has Mortgage Insurance From A Bank Or Credit Union?
If you currently have insurance through the bank, call your lender and ask how much you’re paying for insurance. This can be hard to figure out on your own as premiums are often lumped in with your mortgage payments. We will show you how much you can save by switching to mortgage life insurance.
The first time home-buyers incentive allows you to receive up to 10% of your home’s value in a shared equity mortgage. This incentive lowers the amount you need to borrow from your lender, which then lowers your monthly expenses.
If you want to keep monthly costs down, ensure you have a 20% down payment ready to go to avoid paying for both CMHC and Mortgage Life Insurance. These insurances are required if you put down under 20% and can drastically increase your monthly costs.
If you currently have insurance through the bank, call your lender and ask how much you’re paying for insurance. This can be hard to figure out on your own as premiums are often lumped in with your mortgage payments. We will show you how much you can save by switching to mortgage life insurance.
Why Would A Bank Policy Not Be Guaranteed or Paid-Out By The Bank?
Why Would A Bank Policy Not Be Guaranteed or Paid-Out By The Bank?
When you buy insurance from your lender, your coverage is not guaranteed. The bank only determines your eligibility for a claim after death, meaning there is no guarantee it will be paid out to your family.
What Does "Not Portable" Mean, And Why You Would Want A Policy To Be "Portable"?
Your policy through the bank is tied to your property and your mortgage and is not portable to another property. If you move, you’ll have to cancel and reapply for new insurance with higher monthly premiums. Insurance through Worb Financial lets your policy move with you.
What Does "Not Portable" Mean, And Why You Would Want A Policy To Be "Portable"?
What Is The Difference Between Term Life Insurance And Whole Life Insurance?
Knowing what you want for your future is the key to deciding on the right type of insurance. A term-life policy runs for a certain amount of time and has no other value. Whole-term insurance provides life-long coverage with a cash-value, allowing you to build equity as you pay it off.
What Is The Difference Between Term Life Insurance And Whole Life Insurance?
When you buy insurance from your lender, your coverage is not guaranteed. The bank only determines your eligibility for a claim after death, meaning there is no guarantee it will be paid out to your family.
Your policy through the bank is tied to your property and your mortgage and is not portable to another property. If you move, you’ll have to cancel and reapply for new insurance with higher monthly premiums. Insurance through Worb Financial lets your policy move with you.
Knowing what you want for your future is the key to deciding on the right type of insurance. A term-life policy runs for a certain amount of time and has no other value. Whole-term insurance provides life-long coverage with a cash-value, allowing you to build equity as you pay it off.
What Is The Difference In Cost Between Term Life Insurance And Whole Life Insurance?
What Is The Difference In Cost Between Term Life Insurance And Whole Life Insurance?
Whole life insurance premiums are generally higher than term-life because the coverage lasts for a lifetime, and the policy has cash value with a guaranteed rate of investment return on the paid amount.
Credit Life Insurance (From A Bank) Vs Mortgage Life Insurance (From A Broker) Calculator
Credit Life Insurance (From A Bank) Vs Mortgage Life Insurance (From A Broker) Calculator
See a real-time calculation showing the cost differences between insurance bought through the bank vs a mortgage broker.
Are There Options To Start With Term Life Insurance And Switch To Whole Life Insurance?
Are There Options To Start With Term Life Insurance And Switch To Whole Life Insurance?
Through brokers like Worb Financial, you can switch your term-life policy to a whole-life policy any time you want. A policy through a bank will not let you switch from term-life to whole-life.
Whole life insurance premiums are generally higher than term-life because the coverage lasts for a lifetime, and the policy has cash value with a guaranteed rate of investment return on the paid amount.
See a real-time calculation showing the cost differences between insurance bought through the bank vs a mortgage broker.
Through brokers like Worb Financial, you can switch your term-life policy to a whole-life policy any time you want. A policy through a bank will not let you switch from term-life to whole-life.
How Can Businesses Or Business Owners Leverage Life Insurance Or Mortgage Life Insurance?
Mortgage life insurance policies will help owners and businesses in a number of ways including building business capital, helping owners attract higher quality employees, offering unique tax benefits, and many more…
How Can Businesses Or Business Owners Leverage Life Insurance Or Mortgage Life Insurance?
Which To Choose? Life Insurance, Critical Illness Insurance, or Disability Insurance?
Which To Choose? Life Insurance, Critical Illness Insurance, or Disability Insurance?
Choosing the right policy is important, and each person and family has different priorities and needs. Mortgage life insurance is often the first step towards a financial safety net as you do not want your family saddled with heavy mortgage debt if you pass away.
Mortgage life insurance policies will help owners and businesses in a number of ways including building business capital, helping owners attract higher quality employees, offering unique tax benefits, and many more…
Choosing the right policy is important, and each person and family has different priorities and needs. Mortgage life insurance is often the first step towards a financial safety net as you do not want your family saddled with heavy mortgage debt if you pass away.
Buying Your First Home?
If you are exploring the options of purchasing your first home, we've put together a detailed guide outlining all of the things that you need to consider, including Mortgage Life Insurance.
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Why Worb Financial?
Custom Solutions Tailored To Your Needs
We do not believe in a "one-size fits all" approach to Insurance, and will always bring you the best options for your unique situation... Even if this means recommending another provider.
Family Owned & Focused
We are a small team of dedicated professionals who treat each and every client like they are family. No matter what, we will help you understand your options and most importantly the importance of life insurance.
Canada-Wide Service
Licensed in Manitoba, Ontario, and British Columbia so we can serve you best no matter where you are.
LIFE INSURANCE
Life is unpredictable and amazing. We have the skills and knowledge to help you discover the best options and coverage.
EMPLOYEE BENEFITS
We’ll assess your companies needs and help you pick the right coverage to keep your staff happy.
FINANCIAL ADVICE
While you may have an idea of where you want to invest your money, it’s our job to know.
CRITICAL ILLNESS INSURANCE
Health risks are real, which means it’s important to be covered and prepared. While it’s not ideal to think about, it is important.
About Blair
Blair Worb
Blair Worb, Worb Financial’s CEO and owner, has been practicing life insurance for over 27 years and opened Worb Financial in 2000. Blair tenaciously seeks the best solutions and solves problems for his clients. He assists individuals, groups, and small businesses, providing employee benefits consulting for companies ranging in size from 3 - 100 employees.
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