Mortgage Disability Insurance Rates
Insurance is a part of life in today’s world. Everybody knows about life, medical and car insurance but what about Mortgage disability insurance. Rates can at time be prohibited but when you need this coverage, you sure are glad you paid the premiums.
The amount of the premium or rates will depend on a few factors, your age, income, the amount of your monthly mortgage payment. For exact rates you will need to contact insurance agent but I have found some general rates that I can share with you to give you a rough idea or a ballpark value.
From HSBC, the current rates for Mortgage Disability Insurance are for those between the ages of 18 and 30 are $1.40 per $100 of your monthly payment. If you are between the ages of 31 to 35, the rate increases to $1.80 per $100 of your monthly mortgage payment. Between the ages o 36 to 40 the rate is $2.20 per $100 of your monthly mortgage payment. Ages 41 to 45 the rate is $2.80 per $100 of your monthly mortgage payment. The next few age brackets are where the rates really start to climb. Ages 46 to 50 the rate is $3.50 per $100 of your monthly mortgage payment and 51 to 55 the rate is $4.30 pre $100 of your monthly mortgage payment. Ages 56 to 60 see a rate of $5.40 per $100 of your monthly mortgage. The highest goes to the people between 61 and 64 with a rate of $6.90 per $100 of their monthly mortgage payment.
This information is current and from the HSBC bank of Canada. For American mortgage disability insurance rates an insurance agent would have to be contacted because there are not any published for public viewing that I could find.