5 Benefits on How to Protect Your Mortgage With Life Insurance

For potential homebuyers and current homeowners, a home is a costly investment with a long-term commitment. That's why every homeowner carrying a mortgage needs to get life insurance. Life insurance that covers a mortgage is called mortgage life insurance or mortgage protection insurance. This kind of insurance is designed to protect the lender, just in case they are unable to pay for their monthly mortgage fees. In this article, let's highlight five benefits on how to protect your mortgage with life insurance.

1. May protect homeowners due to sudden unemployment

With Canada's unemployment rate fluctuating every year, sometimes homeowners might face unexpected job loss due to termination or disability. The benefit of having mortgage life insurance alleviates the stress and financial burden related to unemployment by covering the period when the homeowner is out of work. At Northwood Mortgage, we offer a series of mortgage life insurance options that target the specific time frame if a homeowner loses their job, falls ill, or becomes physically disabled, causing unemployment.

2. May protect homeowners due to unexpected death

If the homeowner dies, the mortgage life insurance will cover the remaining amount left on the mortgage. Along with unemployment, death in the family can cause financial strain, especially when the homeowner passes away. Mortgage life insurance is a great benefit because homeowners are assured that after death, the mortgage will not become their family's responsibility.

3. Mortgage life insurance frees up your budget

When it comes to having mortgage life insurance, homeowners can free up their budget by the funds they get from other insurance policies. For example, the funds received from a personal life insurance or employer benefits could be used for payments on other financial obligations such as car payments, other bills, and university tuition. What would usually go towards the mortgage can be spent wisely on other expenses because the homeowner has mortgage life insurance.

4. Mortgage life insurance is convenient

Another benefit that mortgage life insurance offers is convenience. By covering unemployment, death, and other bills, it is an added layer of security in case unexpected circumstances should occur. With all its benefits, it is also easy to qualify. To purchase a mortgage life insurance policy, homeowners do not require to submit to a life insurance medical exam. This is a very convenient benefit to have for sickly individuals. In case the homeowner is denied life insurance due to medical illness, the homeowner with mortgage life insurance is financially protected.

5.Mortgage life insurance accommodates new homebuyers

For potential first-time homebuyers who can only afford a small down payment, getting mortgage life insurance can secure the home of their dreams. They can use mortgage life insurance through the Canada Mortgage Housing Corporation, which requires a 5% downpayment.

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As you can see, choosing a mortgage insurance policy should be decided carefully. However, investing in mortgage insurance can safeguard you and your family's future in the long run.

At Northwood Mortgage, we have an expert staff of mortgage agents specializing in life insurance and mortgages in Toronto, Brampton, Mississauga, and the GTA. We take the time to listen to your needs, and we cater our services to each client.

If you would like more information on mortgage insurance coverage and protection in Toronto and the GTA, we invite you to book a FREE consultation with one of our Northwood Mortgage agents by calling 416-969-8130 ext. 111, toll-free at 888-492-3690, or contact us here. Once we receive your request, one of our mortgage agents will contact you within 24-48 hours to arrange an appointment.

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Mortgage Insurance Vs Life Insurance

People often see their homes as their biggest investment, and naturally they want to protect that investment. On the other hand, people also worry about what would happen to their loved ones if they were no longer around to care for them. For both of these situations, there is life insurance and mortgage insurance. Both types of insurance offer benefits, but they differ in their nature and eligibility criteria. If you are considering one or both forms of insurance, here are some things that you need to be aware of before making a decision.

Life Insurance

Life insurance is a smart move for many people who have dependents. However, life insurance does not often come without a rigorous application process. Age is a critical factor in the monthly premium you pay and you often have to undergo a medical exam. If you have had any previous complications, then that could work against you. In short, the younger and healthier you are, the better your chances of getting a good premium. However, for those who don’t qualify for life insurance but still want to protect their assets, they have to look at other options.

Mortgage Insurance

Mortgage insurance is usually offered by the same lender providing you with the mortgage. This form of insurance covers your monthly mortgage payments in case you can‘t pay them with your regular income. While mortgage insurance is much easier to secure than life insurance, there is a higher cost. Also, while the premiums don’t change as time goes by, the benefits are reduced as you pay down your mortgage. If you have trouble qualifying for life insurance but still want some form of protection, then mortgage insurance might be a more practical option. However, if you change your lender, your policy will also change.

Which Is Better?

Choosing between mortgage insurance and life insurance depends on your situation. If you know that you may not qualify for life insurance then mortgage insurance may be the next best thing. That said, there are many life insurance plans that offer flexibility and require little medical examination (often just a short questionnaire). So it is best to fully explore your options.

At Northwood Mortgage, our agents can help you find the best solution for your needs. Contact us today for a free consultation and let us see how we can help you protect your assets and your loved ones.

source: northwoodmortgage.com

Getting Auto Insurance Quotes Online – Why it Will Save You Money

Getting Auto Insurance Quotes Online

Here are some reasons to get an online quote for auto insurance Pennsylvania.

Most Americans actually pay a little more than individuals living in Pennsylvania. The typical premium is slightly below the US average. While most people want a plan with great value, they are also often very interested in finding ways to reduce your premiums as much as possible.

In Pennsylvania, a car is to be insured for a minimum 15/30 / 5 plan to cover injury claims of second parts of $ 15,000 to $ 30,000, plus damages of up to $ 5,000. In addition, it needs an additional PIP (personal injury protection). Visit one of the websites that provide quotes from a number of top companies

Many factors decide the quantum of payment for insurance coverage .; age, type of driving and vehicle age, the area where the house owner is and your driving record are some of these crucial elements. What remains the same is the desire to get the coverage that offers everything the law requires, and it requires the buyer and all at the lowest available rate.

You really only have one option in order to achieve this goal. Comparing similar plans types are even recommended by the Pennsylvania state government. check on similar plans that meet their needs. all meet their needs and the state, the next step is to get quotes. To find your Pennsylvania auto insurance budget, the best way is to search online.

You want to get the best possible deal for your premium. work out the cost to insure a teenager with a brand new license and a yen for the road, or work out what it will cost you to hold the new red sports car you are dreaming, you can sort through different websites the company, please variables, rework your premises, and see what is available that is closest to provide for their needs, provided they meet the requirements of the law. The fastest way is to access the sites and the rates of some major competitors in the field or to view a directory that offers a list of rates from several well-known companies.

By doing this, you can quickly grasp the ways in which one applies to you personally. There is a family member who just your driver’s license? You can include it. Do you have a good driving record? Within its geographic area, what is the probability that an individual will suffer an accident?

without even having to leave your own home, you can get quotes online in just a few short hours while discovering what there plans and approximate costs. You can also apply and pay online, in many cases, and even set up payment plans for automatic bill payments.

Pennsylvania requires car owners have minimum policies to cover the use of their cars as most states in the US The economic situation of a policy owner involved in an accident that is not affected, and not It matters what caused the incident. If your car is important to their way of life, then you need insurance.

Do not just trust your instincts in choosing the most beneficial policy, use other features that help you know what. In order to ensure the best possible price, go online to make an auto insurance quote for the state of Pennsylvania.

source: autoinsurancequotes2.info

Getting Your Auto Insurance Quote

If you felt like the car insurance business number was on the rise recently, you would be absolutely right. baseball games and football are simply overwhelmed during commercial breaks with messages from sponsors that happen to hold drivers in Texas and all other states of the Union. If you believe the claims of different companies large discounts are waiting on the other end phone? What’s the solution? As a smart consumer, you have to look at all of Texas self insurance quote to find out.

to start, you should be a little worried when a company says there is a great opportunity on the waiting premiums down at the end of your way. How can they offer the same coverage at a price that is noticeably inferior? Probably, they can not. What they can do is provide a certain level of coverage for the lowest price. It can lead to you paying a little more if you have to resort to your insurance company and make a claim, but you have to calculate this risk. If you are confident that you will never need them (which may already be?), It does not matter one bit.

Anyway, there are many resources on the internet when you want to compare the rates. You may have to deliver a lot of information or you may be able to get in and out of a website, depending on the company involved. Of course, it would not be in the best interest of a company to offer everyone a quote without allowing a representative to sweeten the deal in person or by phone with you. This is something that you have to remember throughout the process of finding an insurance provider. They are not called insurance ‘sellers’ for nothing. If there is an agreement that will make money, they will push you.

There will be a series of standard requirements that must meet, no matter what situation you are driving in Texas. You have to have a minimum amount of liability coverage for at least two people behind the wheel when an accident occurs. Also, you need to cover the damage if it is involved. Your driving record will be closely examined during this process as well. If you have a number of accidents you caused on your record, it is unlikely that you will find waiting for discounts. Drivers with an impeccable record, on the other hand, should expect good things.

Source by James Hyder

source: autoinsurancequotes2.info

How Liability Insurance Can Protect You in a Slip and Fall Accident

Mortgage lenders require homeowners to purchase a home insurance policy and for good reason – standard insurance plans come with a range of coverage options that protect you in a variety of scenarios. One example of circumstances that benefit from the ownership of home insurance is a slip and fall accident.


If a neighbor, stranger or friend slips and falls on your property and holds you responsible, you have two financial safety nets through your homeowners insurance: personal liability protection and medical payments coverage. Which type of insurance protection will qualify you to file a claim is all dependent on whether there’s a lawsuit.

Personal liability coverage

 

Personal liability insurance protection is the part of your policy that covers you if the injured party decides to sue. Liability coverage will protect you during most instances when you’ve sued. Typically, your policy will allot you a minimum of $100,000 per claim for legal defense, although this amount varies from policy to policy.


Certain exclusions apply – liability won’t provide you any financial aid for lawsuits pertaining to mental, physical or sexual abuse; the sale, manufacturing or distribution of a controlled substance or the transmission of a communicable disease. In other words, criminal activity won’t qualify for defense money, but normal mishaps, such as a dog bite or your average slip and fall accident, will probably leave you eligible to file a claim.


If you feel like you’re at particular risk for lawsuit, you can always look into taking out an extension on your liability coverage, which typically starts at $100,000. Homeowners with large dogs or swimming pools can and should purchase greater liability coverage limits.

Medical payments coverage

 

Medical payments coverage, frequently referred to as MedPay, is the alternative to personal liability coverage if someone has experienced a slip and fall accident on your property. MedPay is the portion of your insurance policy that will qualify you for a claim if no lawsuit is filed. For example, if the mailman trips on your front steps but doesn’t want to sue, MedPay can help with his medical expenses. Policies typically start with $1,000 per injured person. You can also choose to purchase higher limits, if you like.


When it comes to slip-and-fall accidents, look to your homeowners insurance policy. Regardless of whether the injured party decides to sue, you have options. Your insurance can provide you financial aid for the person’s medical expenses or your legal defense if a lawsuit is filed. Alternatively, if you’re the person who fell but you don’t want to bankrupt the responsible party, recommend that he or she take a look at his or her home insurance policy. With adequate coverage, you’ll get the funds you need and the other person will be able to afford all your costs. Call a licensed insurance agent today to learn more about home insurance coverage. Ask about the types of protection typically included in a standard policy. You’ll find that you’ll likely receive coverage for things such as fire and theft but also for legal defense if you get sued.

source:  http://homeinsurance.com/blog/2013/01/04/how-liability-insurance-can-protect-you-in-a-slip-and-fall-accident/