Northwood Mortgage Life

Protect Your Family

As a home owner, your mortgage is the most important tool that allows you to own and keep your home. With mortgage life insurance, you can protect your family against unforeseen tragedy. This important insurance coverage will pay-down or pay-off the mortgage in event of a death or long-term disability.
We offer the following programs including:

Mortgage Life Insurance
Mortgage Disability Insurance
Mortgage Critical Illness Protection

Some of the highlights of our programs include:

No medicals or bodily fluids required for certain products
Fast, Guaranteed Issue products
Disability coverage that can help make loan payments
Return of Premium Products that refund all paid premiums.
Guaranteed Premiums rates they don’t increase with age.
Portable insurance that goes from mortgage to mortgage, house to house

To Receive Your Free No Obligation Quotation

Please call John Klotz at: 416-969-8130 ext. 230 Or email him at: john.klotz@northwoodmortgage.com

FAQ
Why do I need Mortgage Insurance Protection?

Your mortgage may be a new financial obligation you did not have when you acquired your existing life insurance, so you may not have enough benefit to pay off the mortgage in a case of disability, critical illness or death.

In addition, work disability protection typically covers 50-70% or less of your gross income. Will half of your salary cover your annual bills?

Do I need Mortgage Insurance coverage if I already have coverage from my employer?

Work benefits are great, but they are controlled by your employer and end when you leave your job, regardless of the reason. Do you know how much protection your employer provides? Would it pay-off your family’s debt and home mortgage if you died? If not, Northwood Mortgage Life is your answer.

Couldn’t my estate just sell my assets if I die?

Yes, your estate could liquidate your assets, but how much are they worth? If your family sold everything you own would they make that much? For most of us, our estates are not that valuable and few people have those dollars in the bank.

Mortgage Life Insurance and Disability Insurance Policies offer living benefits to make your mortgage payment in case of disability and critical illness. In addition, it is possible to get all your money back at the end of the policy.

Is a medical exam required to apply for coverage?

There are many policies out there that do not require a medical exam. Based on the answers you provide regarding the policy’s health questions, the carriers may only require additional information from your doctor.

If I’m turned down, can my spouse still get coverage?

Yes they can. Many policies have insurability and underwriting guidelines that are broad and liberal. However, some applicants may be declined. If that happens, you and your spouse may apply for separate policies

Does the Mortgage Insurance premium increase as the mortgagor ages?

With many of our programs, the premiums stay the same as you get older.

How do Mortgage Insurance premiums get paid?

Northwood Mortgage Life offers many payment options and our agents will explain them to you in detail. They may include credit card, electronic deposits or other suitable methods

When does Mortgage Insurance coverage become effective?

With Mortgage Insurance in most cases, right away, but your Northwood Mortgage Life Insurance agent always makes sure you understand any special conditions that apply.

Conditional Receipt: A receipt given for premium payment accompanying an application for insurance. If the application is approved as applied for, the coverage is effective on the later of the date of prepayment or the date on which the last of the underwriting requirements, such as medical examination, has been received by the insurance company. A conditional receipt for premiums paid upon application may protect the proposed insured from changes in health occurring after the application and funds have been submitted to the insurance company.

When does Mortgage disability insurance coverage terminate?

Mortgage Insurance coverage remains in force until the policy term ends or until you reach age 65. (If your spouse is also covered and is younger than 65, your spouse coverage remains in effect until he/she turns 65.) %p All Mortgage Insurance coverage stops if you discontinue premium payments or if you request termination of your policy.

Who is the beneficiary of my Mortgage

Mortgage Insurance proceeds are paid to the beneficiary you designate. This allows your family to pay the mortgage and other bills as needed.

There was a documentary on CBC MarketWatch that outlines just how dangerous the insurance policies are that the banks offer. It’s downright scary!!! You can view this documentary at

http://www.cbc.ca/mrl3/8752/marketplace/in_denial.wmv

In a nutshell, bank insurance is extremely flawed as a product. In the CBC Marketwatch investigation, we meet two families who bought the coverage and thought they were protected, only to have their claims denied when they became sick or died. In each case, the insurer said the applicant person had lied on their initial application form. It turns out a routine test at the doctor could be reason to deny your claim, if you don't mention it. Had a cuff inflated on your bicep? That counts as being tested for high blood pressure.



Northwood Mortgage Life Protect Your Family As a home owner, your mortgage is the most important tool that allows you to own and keep your home. With mortgage life insurance, you can protect your family against unforeseen tragedy. This important insurance coverage will pay-down or pay-off the mortgage in event of a death or long-term disability. We offer the following programs including: Mortgage Life Insurance Mortgage Disability Insurance Mortgage Critical Illness Protection Some of the highlights of our programs include: No medicals or bodily fluids required for certain products Fast, Guaranteed Issue products Disability coverage that can help make loan payments Return of Premium Products that refund all paid premiums. Guaranteed Premiums rates they don’t increase with age. Portable insurance that goes from mortgage to mortgage, house to house To Receive Your Free No Obligation Quotation Please call John Klotz at: 416-969-8130 ext. 230 Or email him at: john.klotz@northwoodmortgage.com FAQ Why do I need Mortgage Insurance Protection? Your mortgage may be a new financial obligation you did not have when you acquired your existing life insurance, so you may not have enough benefit to pay off the mortgage in a case of disability, critical illness or death. In addition, work disability protection typically covers 50-70% or less of your gross income. Will half of your salary cover your annual bills? Do I need Mortgage Insurance coverage if I already have coverage from my employer? Work benefits are great, but they are controlled by your employer and end when you leave your job, regardless of the reason. Do you know how much protection your employer provides? Would it pay-off your family’s debt and home mortgage if you died? If not, Northwood Mortgage Life is your answer. Couldn’t my estate just sell my assets if I die? Yes, your estate could liquidate your assets, but how much are they worth? If your family sold everything you own would they make that much? For most of us, our estates are not that valuable and few people have those dollars in the bank. Mortgage Life Insurance and Disability Insurance Policies offer living benefits to make your mortgage payment in case of disability and critical illness. In addition, it is possible to get all your money back at the end of the policy. Is a medical exam required to apply for coverage? There are many policies out there that do not require a medical exam. Based on the answers you provide regarding the policy’s health questions, the carriers may only require additional information from your doctor. If I’m turned down, can my spouse still get coverage? Yes they can. Many policies have insurability and underwriting guidelines that are broad and liberal. However, some applicants may be declined. If that happens, you and your spouse may apply for separate policies Does the Mortgage Insurance premium increase as the mortgagor ages? With many of our programs, the premiums stay the same as you get older. How do Mortgage Insurance premiums get paid? Northwood Mortgage Life offers many payment options and our agents will explain them to you in detail. They may include credit card, electronic deposits or other suitable methods When does Mortgage Insurance coverage become effective? With Mortgage Insurance in most cases, right away, but your Northwood Mortgage Life Insurance agent always makes sure you understand any special conditions that apply. Conditional Receipt: A receipt given for premium payment accompanying an application for insurance. If the application is approved as applied for, the coverage is effective on the later of the date of prepayment or the date on which the last of the underwriting requirements, such as medical examination, has been received by the insurance company. A conditional receipt for premiums paid upon application may protect the proposed insured from changes in health occurring after the application and funds have been submitted to the insurance company. When does Mortgage disability insurance coverage terminate? Mortgage Insurance coverage remains in force until the policy term ends or until you reach age 65. (If your spouse is also covered and is younger than 65, your spouse coverage remains in effect until he/she turns 65.) %p All Mortgage Insurance coverage stops if you discontinue premium payments or if you request termination of your policy. Who is the beneficiary of my Mortgage Mortgage Insurance proceeds are paid to the beneficiary you designate. This allows your family to pay the mortgage and other bills as needed. There was a documentary on CBC MarketWatch that outlines just how dangerous the insurance policies are that the banks offer. It’s downright scary!!! You can view this documentary at http://www.cbc.ca/mrl3/8752/marketplace/in_denial.wmv In a nutshell, bank insurance is extremely flawed as a product. In the CBC Marketwatch investigation, we meet two families who bought the coverage and thought they were protected, only to have their claims denied when they became sick or died. In each case, the insurer said the applicant person had lied on their initial application form. It turns out a routine test at the doctor could be reason to deny your claim, if you don't mention it. Had a cuff inflated on your bicep? That counts as being tested for high blood pressure.
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