Mortgage Insurance vs. Term Life Insurance
So, you’ve bought your dream house and you want to ensure your home is secure should anything happen to you. It’s time to think about insurance for your important investment. For many, your largest and most important investment.
Your lender offers you mortgage insurance, but you are not too sure what that means, or if it’s right for you. You’ve heard that Life Insurance offers better coverage, but you don’t really know what this means either.
What is Term life insurance?
This affordable life insurance policy will help your loved ones deal with the financial impacts they could face in the event of your death. Term lengths range from as little 1 year to as many as 40 and above.
During your chosen term, you must pay the set premiums established by your insurer on a monthly or annual basis. If you pass away while your policy is active, your named beneficiaries will receive a lump-sum, tax-free payment, called a death benefit.
The main purpose of term life insurance is to ensure that your loved ones are taken care of after your passing. The money they receive in the form of a death benefit can be used for anything, such as funeral expenses, daily living expenses, or to help pay off any outstanding debts, such as a mortgage.
This begs the question of how Mortgage Insurance from your lender, and Individually owned Life Insurance compare. Understand what’s for you by understanding the differences between the two.
How James Campbell Insurance Can Help You Prepare for the Future with a Suitable Term Life Insurance Policy
If you want to have peace of mind, knowing that your loved ones will be protected from financial burdens when you pass away, James Campbell Insurance can provide exactly that by helping you set up term life insurance in Ontario.
If there are other people in your life who depend on you, arranging such a policy is the most financially responsible thing you can do. Life can be fragile sometimes, and you never know what could happen.
At James Campbell Insurance, we understand the crippling impact that outstanding debts can have on families following a death. This is why we will commit ourselves to doing everything we can to prevent such a scenario for the people nearest and dearest to you.
Whether you have a spouse, children, grandchildren, or other extended family members as beneficiaries, we will make sure that they receive the financial support they need while dealing with funeral expenses and other major costs that arise, such as paying off your outstanding mortgage balance.
We always do our best to cater our policies to the specific needs of our valued clients. Thus, we would be happy to discuss the unique nature of your situation to ensure your policy best matches your needs.
For more information about how we can help you arrange term life insurance in Ontario, or simply chat with an advisor, call James Campbell Insurance at 1-833-459-1065 or contact us here.