When I get clients approved for their mortgage I send them out a digital signing package with all the documents that must be signed for both the lender and from a compliance standard for our industry. One of the documents that I include at the beginning of every package is the MPP mortgage protection plan, also called credit insurance.
Clients can choose to accept or waive the insurance. The main purpose of it is to protect the borrowers or their estate in the event that something where to happen to them while the mortgage was still in-force. Personally I know how it helped my family back in 2005. My Mom passed away from breast cancer in 2005, while my parents did not have a mortgage at the time then did have a secured line of credit and had the insurance on it as well. I just remember the peace of mind it gave my Dad knowing that he didn’t have to worry about making the payments.
This same peace of mind is what I want for all my clients. Some people have their own coverage with their financial advisor which is great. At the very least make sure that you have something in place so you don’t leave your family scrambling to cover your debts.
Today I am thankful for another beautiful Sunday morning to go for a run, a quite house to read after I got back and my wife for always coming up with new and creative meals for our family.
“Fun is like life insurance; the older you get, the more it costs”. Kin Hubbard
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here