Vancouver Mortgage Insurance with Safe Pacific
This is a subject that is even more important to Vancouver residents because the price of homes here is so high and the mortgages are so big.
Why Do You Need Mortgage Insurance?
Taking on a mortgage loan is a huge debt and a huge responsibility. You get a mortgage to provide the family home. Your spouse and children depend on your income to pay the mortgage and keep a roof over their heads.
What happens if you join the angels and you’re not there to cover the bills? Does your family lose the house because your spouse can’t carry the mortgage and bills alone?
You need mortgage insurance for 3 things:
- To replace your monthly income if you get sick or injured and can’t work. This lets you pay the bills without going into debt or draining your savings.
- To provide instant money if you get sick with a critical illness. This lets you pay the bills and makes sure you don’t have to go in debt or sell the family home to pay for treatment.
- To provide money to your family if you pass away pre-maturely. This lets your spouse cover the mortgage, raise the children and keep the family home. It takes a huge stress off your family at the worst time.
What Does Mortgage Insurance Give You?
Monthly Income Benefit
A monthly pay cheque in case you get sick or injured and can’t go to work. This means that your income doesn’t stop because you can’t work after that skiing accident or falling off a ladder while helping your friend with some renovations. This means you can continue to pay your mortgage and family bills and don’t have to go into debt to do it. This means that you don’t have to raid your travel savings or retirement account to pay your bills while you’re off sick.
If you’d like to keep receiving a pay cheque if you get sick or injured, make sure your mortgage insurance is set up the right way.
Lump Sum Treatment Benefit
The right mortgage insurance provides you with a lump sum payment if you are diagnosed with a critical illness. Due to the latest amazing advances in medicine and technology, you’ll usually survive things like heart attack, stroke, cancer and others – but what happens to your savings and finances when it takes 1 or 2 years to recover and get back to “normal”?
Does lack of funds mean you go back to work early and risk your recovery? Do you put everything on credit cards and ride up the debt? Do you drain your savings and retirement funds? Do you have to sell the house?
Would it help to have a lump sum payment from your mortgage insurance while you recover? Would some money help you get the best treatment? Could you take time off work? Could you pay for the extras that aren’t covered by your provincial health plan? Would some money relieve financial stress at a time of health stress? Could it help pay your bills while you focus on recovery?
Lump Sum Benefit
If the worst happens and you or your spouse joins the angels, how will the remaining partner cover the mortgage and the household bills alone? Can they? Or do they have to sell the family home and move? Can the kids still be raised in the same lifestyle they’ve been used to? Do they have to change schools and make all new friends?
The best mortgage insurance will deliver a lump sum payment to cover the mortgage and to replace your income for your spouse and family so they can keep the house and finish raising the kids. The right mortgage insurance takes a huge amount of financial stress off your family at one of the hardest times of their lives.
How Do You Get Mortgage Insurance in Vancouver?
When you sign your mortgage, the bank or lender you are working with will probably offer you mortgage insurance. Is it the best? No. Is it better than nothing? Sure. We have a detailed video on our site (here) that explains why the lender's mortgage insurance offering isn't the best.
A better option is to work with a licenced, independent broker who can consult you on the best options while keeping your best interest at heart. Your broker should work with the top insurance companies in Canada and shouldn’t be restricted to work with just 1 company.
Ideally you work with someone who takes the time to understand your situation and your goals and gives you options that meet your needs. You want to work with someone who has your best interest at heart, is trusted and is good at what they do.
Why Safe Pacific Should Be Your Mortgage Insurance Provider in Vancouver
Some of the main reasons you want to work with Safe Pacific rather than another firm or the random minimum-wage guy at the bank (or even worse, someone in a call centre.)
- We’re independent – we work in your best interest. No insurance company or bank tells us what to do. We work with all of the top Canadian insurance companies and make them compete for your business.
- We’re local – we work in the greater Vancouver area and we’re mobile. We can meet at your convenience at your time at your house or favourite coffee shop. You can also come to one of our offices downtown or in Mt Pleasant.
- We’re good – you can check out our Testimonials page or our reviews on Google. We’re good at what we do and people like us. We’d love to make you a happy client.
- Our collaborative discovery process – we’ve got a really good process that gets to the heart of your situation and your goals and proposes the best insurance solution for your needs. You will get a customised plan tailored for your situation, not get a cookie-cutter plan.
Next Steps
If you recently bought a new home or are thinking about it soon, fill out this form below and we’ll reply right away. We can do the initial communications by phone or email depending on your preference.
To set up mortgage insurance in the Vancouver area, contact us.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
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