LOAN / MORTGAGE INSURANCE ONTARIO

What is loan insurance?

Loan insurance helps you when uncertain circumstances such as a job loss, injury, or an accident arise. It ensures protection of your monthly loan payments and prevents further financial loss. To be qualified for loan insurance, you need to be between the ages of 18 – 59, work at least 21 hours per week, and require a loan for a mortgage, renovation, rent, student loan, or credit card purposes.
At MILIFE INSURANCE & INVESTMENT INC., we always recommend for our clients to check eligibility criteria and ask for help from our advisors if you find it difficult to choose an option. We are here to help and simplify your life in any way possible.

What is Mortgage Insurance?

Buying a home is one of the biggest investments in a person’s life and special care is required to avoid loss. Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.
Mortgage insurance can be purchased from the lender or as a stand-alone coverage. Stand-alone coverage offered through a MILIFE INSURANCE & INVESTMENT INC. tends to offer rates up to 40% cheaper than what is offered from the lender. Before you purchase mortgage insurance, make sure you compare the various coverages offered so that you make an informed choice.

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