Buying a home is a big step in anyone’s life. An investment of this magnitude deserves a carefully positioned risk management plan.

Mortgage insurance is a life insurance policy that helps you look out for your family and ensure they have the financial protection needed in the event of a death, default on payment, inability to meet contractual obligations, loss of job, or disablement during the policy.

Our team of expert advisors have you in mind and will work to make sure all your options are explored and that you have the right coverage necessary for your home.

Protecting Your Home

Policyholders can receive coverage for the full amount of their mortgage and the coverage will decrease as you pay off your mortgage. After your mortgage is paid off, your mortgage insurance policy is no longer needed. This is among the differentiators between mortgage insurance and a life insurance policy: a personal life insurance policy can continue for fixed terms and beyond when a mortgage is paid off.

This type of policy is different from mortgage loan insurance, which is often required when purchasing a home. With mortgage loan insurance, it is often applied to your mortgage if your down payment was less than 20 per cent as a means of protecting the lender.

With mortgage insurance through NFP, the smaller the outstanding balance on your mortgage, the lower your monthly premium.

This coverage can help you and your family in the event of an unforeseen event and any funds received would be directed towards making mortgage payments, living expenses, coverage for childcare or paying off debt. Above all else, mortgage insurance can help your family stay in their home and continue to create lasting memories.