What is Mortgage Insurance?
Mortgage insurance is a monthly fee paid by mortgage-holders to protect themselves or their families in the event that the mortgage holder is unable to continue paying the mortgage, due to death or unforeseen circumstance. This insurance is often mandatory for new homeowners.
When is Mortgage Insurance mandatory?
In Victoria BC, insurance for mortgages are generally a legal obligation with most financial institutions.
What does Mortgage Insurance cover?
Mortgage Insurance protects the lender holding your mortgage, but it can protect you, too. A good protection plan provides coverage for defaulted mortgage payments, so if unforeseen circumstances disable you and your family from completing a monthly mortgage payment, your insurance can cover the cost and keep you protected. Our protection plans will keep you and your family insured simply and affordably, with consistent rates and ease of exit.
Our Protection Plan offers:
- Portability (i.e. if you change mortgage lender for the balance of the initial insurance term, the insurance continues with new mortgage lender)
- Premiums that will not increase with your age, as long as your mortgage amount does not increase
Royale British Columbia Financial’s Mortgage Insurance Protection Plan provides simple and affordable mortgage insurance that may help protect your family from the financial burden represented by mortgage payments in the event of a death.
Our Life coverage will pay out the insurance proceeds to cover your financial commitment giving you peace of mind from the worry of potential financial burden to your family.