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Canadians owe over $2 trillion in household debt, according to the Bank of Canada, with over 65% being mortgage debt. As a mortgage is usually the largest liability for most individuals/families it is important to plan ahead on how to manage this debt. Mortgage insurance is one of the options homeowners have. It works by paying off the outstanding principal balance of your mortgage (or a lesser amount if you choose) should you pass away. Mortgage insurance can also cover you for a period of time should you become disabled or suffer a period of time off work. While mortgage insurance is often purchased at the same time that you secure your mortgage, we offer a range mortgage insurance products that are avaiable at any time.
Outline Financial can lay out your options when it comes to protecting your mortgage as there is a wide range of pros and cons to various mortgage insurance options. We take the time to explain all your options so that you can make an informed decision that fits your life and goals. We can walk you through the process giving you the peace of mind that your debt will be covered in the event of your passing, and your family can rest assured knowing they can continue to create memories in the home they love.
Professional Insurance Advisors
Variety of Options Available
Designed to Fit Your Life
Professional Insurance Advisors
Variety of Options Available
Designed to Fit Your Life
Mortgage Insurance from Outline Financial
With mortgage insurance, you typically have a choice of life, disability, or both. With mortgage life insurance, in the event of your death, the benefit payment goes to the lender to pay off the remaining principal amount of your mortgage (or the % that you have insured). The amount of coverage that you hold will decline in line with your mortgage balance. The payment ensures that your mortgage debt is paid off, ideally allowing your family to remain in the house that they call home. Another type of mortgage insurance covers injury/illness. In this case, should you have an injury/illness the insurance policy will cover your monthly mortgage payments and can also include property tax payments.
When it comes to protecting your mortgage, you have a variety of options available. Our team will work with you to customize a plan that meets your needs. Mortgage insurance covers one of the largest purchases in your lifetime. It provides the security you desire, giving you and your family peace of mind knowing that your mortgage will be paid off should the worst happen. Outline Financial can help walk you through your options and can help design a custom insurance plan tailored to your needs.
Benefits of Working with Outline Financial?
- Professional Insurance Advisors
- Variety of Options Available
- Exceptional Guidance & Advisory
- Customer-Focused
Some of Our Insurers
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Outline Financial FSCO Insurance Agency #36641M
Outline Financial
Outline Financial is one of Canada’s top-rated mortgage and insurance companies offering direct access to rate and product options from over 30 banks, credit unions, mono-line lenders and insurers all in one convenient service. The Outline team was formed by senior level bankers and financial planners that wanted to offer clients choice with an exceptional service experience.
