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Why You Need A Mortgage Life Insurance

If you own a home, there are different types of insurance available.<br>They generally protect you and your loved ones from unexpected incidences. This slide describes the need for mortgage life insurance. For more details, visit this link <br>https://www.northwoodmortgage.com/mortgage-calculators/mortgage-qualifier-calculator-ontario/

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Why You Need A Mortgage Life Insurance

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  1. Why You Need Mortgage Life Insurance

  2. Table of contents 01 02 Introduction About Mortgage Insurance 03 Reference

  3. Introduction If you own a home, there are different types of insurance available They generally protect you, and your loved ones from unexpected incidences

  4. Mortgage life insurance protects from unexpected events, such as illnesses, accidents or even death • It also gives financial relief to you and your family

  5. What You Should Know About Mortgage LifeInsurance

  6. Mortgage insurance There are two ways you can own insurance: • Through a financial institution (means your lender) • Or another financial institution Both have variation in the field, such as • Beneficiary • Switching insurance

  7. Beneficiary • If you own insurance with a lender. The lender itself is the beneficiary • If any threat happens to you, the lender will get the insurance amount • If you own insurance with another financial institution, you can choose the beneficiary, and they will receive the insured amount

  8. Switching insurance • Buying a mortgage through another company gives you the option to switch to any life insurance mortgage scheme without losing your premium value • But it’s possible if you own the insurance through a lender

  9. Reference • https://www.northwoodmortgage.com/mortgage-insurance/why-you-need-mortgage-insurance/ • https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/#:~:text=Mortgage%20insurance%20lowers%20the%20risk,to%20pay%20for%20mortgage%20insurance.

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