Buying a home or condo is not a simple process. It takes enough time to put things together to make it a comfortable place to live in. before you get your keys and enter inside royally, you would have undergone enough ordeals and would have spared great efforts with several chores. Everyone is highly dreamful when it comes to buying a home.
Why Insurance is Important
Most people spend a great amount of time to make the choices with respect to the property they buy, the colors they use, the appliances they install, the kind of furniture they would place inside and so on. When finally all things fall in place, they feel the wait is really worth it. However, quite a many people do not really understand that securing their homes with a mortgage protection plan is as important as the efforts spared in buying a home. After all, life is uncertain and no one can predict what is ahead of them. Therefore, it is but essential that you purchase a mortgage protection insurance that will secure your home for you and your family forever.
Mortgage Protection Insurance is Different – A Shield for your Home
Mortgage protection insurance is not homeowner’s insurance. While homeowner’s insurance is meant to protect the property from physical threats, theft and destruction due to natural calamities, mortgage protection insurance on the other hand helps the homebuyers cover their mortgage payments in the unfortunate events of their sudden illness or death. The right kind of mortgage protection insurance offers adequate coverage you require for you and your family. There are two kinds of mortgage protection plans namely critical illness insurance and term life insurance.
Critical illness insurance comes to your rescue if you happen to fall ill unexpectedly. It gives you a lump sum payment that you can use for medical expenses, the education of your children and for making the mortgage payments. Term life insurance gives the financial protection to your family enabling them pay off the mortgage and other expenses if you happen to die unexpectedly.
Mortgage Debt and Insurance – Ultimate Combination
When you commit yourself to a mortgage, you will certainly require mortgage protection insurance. You can choose between critical illness cover or term life insurance or both together. Among the two kinds of mortgage protection plans, term life insurance will help you to protect your family’s finances. The pay-out can be used to cover the outstanding mortgage payment or your children’s education. Some term life mortgage protection insurance plans provide you the option to cover your children and to protect their insurability in future.
Critical insurance coverage is available for the subscriber, his/her spouse and their children. If one of them happens to fall ill, then the insurance plan will help compensate the lost wages when the subscriber takes time away from work to recover or to attend to the needs of his/her spouse and/or children. If you are to choose the combination of both these plans, then you can secure you and your family with the right kind of protection that you require during a crucial hour.
Work with the Experts – Canada MGC
We offer a wide range of mortgage protection insurance plans that can be customised to meet your specific situation and needs. You can benefit from our most reliable services and the long experience in the insurance arena and adequately protect the property that you cherished.
Call 1-866-963-CMGC (2642) and get in touch with our experts for best mortgage protection insurance.