 What
is Mortgage Insurance?
What
is Mortgage Default Insurance?
Mortgage
Insurance protects a lender in case there is a default in mortgage by the
borrower. In Canada this sort of insurance is typically needed for mortgage
loans with down payments smaller than 20% of the property value.
IIn Canada
there are three companies offering mortgage default insurance: :
What Is
Mortgage Life Insurance?
Mortgage
Life Insurance can pay off the outstanding balance on the insured mortgage
in the event of your death.
Mortgage
Critical Illness Insurance can pay off your outstanding mortgage balance
in the event you are diagnosed with severe illnesses such as heart attack,
stroke or life threatening cancer, providing you and your loved ones with
a “living” benefit..
Mortgage
Disability Insurance can pay your mortgage payments should you become disabled
and are prevented from performing the normal duties of your job due to
accident or illness.
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