Mortgage insurance is a financial safeguard designed to protect lenders and homeowners in the event of unforeseen circumstances that may prevent the borrower from fulfilling their mortgage obligations. Whether you’re purchasing your first home or refinancing an existing loan, mortgage insurance plays a vital role in ensuring financial stability and securing your investment.
At KYC Financial, we offer tailored mortgage insurance solutions to help you safeguard your home and financial future. Our goal is to provide you with comprehensive coverage that meets your needs while giving you peace of mind.
Buying a home is one of the most significant financial commitments a person can make. Mortgage insurance provides essential protection in case of unexpected events such as:
Job Loss – If you lose your job and struggle to make mortgage payments, insurance can help cover the costs.
Disability or Illness – If a medical condition prevents you from working, mortgage insurance ensures your payments are covered.
Death of a Policyholder – In the unfortunate event of a policyholder’s passing, the insurance helps surviving family members by covering the mortgage balance.
Loan Default Protection for Lenders – If the borrower defaults, the lender is protected from financial loss, ensuring a smoother loan process.
Private Mortgage Insurance (PMI) is required by lenders when a borrower puts down less than 20% of the home’s purchase price. This type of insurance protects the lender in case of default but does not offer direct benefits to the borrower. However, PMI allows buyers to secure home loans with lower down payments, making homeownership more accessible.
Mortgage life insurance is designed to cover the remaining balance of your mortgage in the event of the policyholder’s death. This ensures that your family will not have to worry about making mortgage payments and can continue living in the home without financial stress.
Mortgage disability insurance helps cover mortgage payments if the policyholder becomes disabled and is unable to work. This is an essential form of protection, especially for those with physically demanding jobs.
Critical illness insurance provides coverage if the policyholder is diagnosed with a serious illness such as cancer, stroke, or heart disease. The policy pays off the mortgage or helps with monthly payments while the individual recovers.
KYC Financial Services is a Canadian life insurance and financial services company. We are based in the Lower Mainland.
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