Insurance by definition means a protection from a financial loss like a parent or a homeowner wanting to buy or create a fund that would protect his family or loved ones in the event of a premature death or disability. For most Canadians protecting their mortgage and replacing their income to provide for shelter, education and their family’s lifestyle is very important.

For some, protecting assets they have accumulated over their lifetime is equally important and so they will require an insurance of a different nature for a tax strategy. For others, it might be to ensure a key business person or to fund a buy-sell agreement between business partners in the event of one of the partners dying and the remaining partners being able to buy the deceased spouse shares in the business.

Mortgage loan applicaiton

The key person in a family is the breadwinner and protecting their largest investments (their house) and protecting that investment is just as important as getting the lowest and best mortgage rate.

Homeowners should consider getting a mortgage insurance and a disability illness insurance in case the unexpected happens in terms of premature death or the diagnosis of a critical illness.

Sunlite Mortgage offers a mortgage insurance which is very affordable and provides great value when compared to the major insurance companies term life insurances and the major bank’s mortgage insurance.

Mortgage insurance is offered to all mortgage applicants between the ages of 18 and 65 who are approved for a mortgage. Each applicant is approved though based on your health there might be some adjustments in the approval. Coverage starting the minute the application is completed once the applicant indicates that they are applying for the coverage of life insurance or disability insurance or both.

The premiums will never increase, unlike major insurance companies’ renewable term insurance that starts low and increases every 1, 5, 10, 15 years or so. For example, someone who has a mortgage with a 30-year amortization will pay less if they get a 1-year term mortgage insurance that renews every year or one that renews every 5 years and so on. The question that is almost never asked is what the premiums will be at renewal and in most cases.

Another feature is that if you change lenders you won’t have to reapply or requalify because the insurance is transferable. With bank mortgage insurance you will have to apply for a new insurance at a higher rate if you move to a different bank after a 3 or a 5-year mortgage term. The premium will be higher even if you are applying for a lower mortgage because rates are based on your age and your health and the older you are the higher the premium rate.

With the mortgage insurance that we offer there is no renewal as the payments never increase for the life of the mortgage.

If you increase your mortgage balance or extend your mortgage period you can apply to change your life insurance or disability protection.

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