Mortgage Insurance
Mortgage Insurance
Securing homes, ensuring peace
Broadmoor offers mortgage insurance services by assessing clients’ mortgage needs and financial situations. Leveraging expertise in Canadian tax laws, it tailors insurance plans for tax efficiency. Collaborating with insurers, Broadmoor ensures comprehensive coverage while adhering to regulatory standards. Continuous support helps clients navigate tax complexities effectively.
Adherence to Laws
Our services compliant with federal and provincial tax laws, including Insurance Companies Act, Income Tax Act, Canadian Council of Insurance Regulators (CCIR) Guidelines, Office of the Superintendent of Financial Institutions (OSFI) Guidelines, Canadian Life and Health Insurance Association (CLHIA).
What it includes
- Needs Assessment: Evaluate clients’ mortgage insurance needs based on factors like loan amount, property value, and financial stability.
- Policy Selection: Choose a suitable mortgage insurance policy that aligns with the client’s mortgage terms and coverage requirements.
- Premium Payments: Pay regular premiums to maintain mortgage insurance coverage and protect against default risks.
- Coverage Benefits: Receive financial benefits to cover mortgage payments in case of disability, death, or unemployment.
- Claims Process: Initiate the claims process to access benefits in the event of a covered loss, ensuring financial stability for the homeowner.
benefits to you
- Financial Protection: Mortgage insurance shields homeowners from financial hardship by covering mortgage payments in case of disability, death, or unemployment.
- Tax Efficiency: Premiums for mortgage insurance may be tax-deductible, reducing overall tax liabilities for homeowners under Canadian tax laws.
- Peace of Mind: Knowing that mortgage payments are covered in unforeseen circumstances brings peace of mind to homeowners and their families.
- Homeownership Security: Mortgage insurance ensures homeowners can maintain their property even during financial hardships, preventing foreclosure and loss of home equity.
- Debt Relief: In the event of a covered loss, mortgage insurance relieves homeowners of the burden of mortgage payments, allowing them to focus on recovery.
- Compliance Assurance: Mortgage insurance plans comply with Canadian provincial and federal laws, providing homeowners with legal protection and regulatory adherence.
How we work
Understanding Client Needs
Consult with clients to grasp their requirements, goals, and preferences, ensuring alignment with their financial strategies.
Implementing Efficient Systems
Introduce easy-to-use tools and processes tailored to client needs, promoting accuracy, compliance, and streamlined operations.
Providing Feedback and Support
Offer continuous assistance, communication, and training to ensure clients effectively utilize systems and address any concerns.
What we will deliver to our clients
- Needs Assessment: Conduct thorough assessments to understand clients' mortgage insurance needs and financial situations.
- Compliance Assurance: Ensure that mortgage insurance plans comply with Canadian provincial and federal tax laws and relevant government acts.
- Tax Optimization: Structure insurance plans to maximize tax benefits for clients while remaining compliant with tax regulations and government acts.
- Coverage Customization: Customize insurance packages to meet the unique needs of individual clients and their mortgages.
- Legal Documentation: Prepare and maintain all necessary legal documents and contracts related to mortgage insurance plans, ensuring compliance with government acts and regulations.
- Education and Guidance: Provide personalized education and guidance to clients regarding their mortgage insurance benefits and tax implications under Canadian law.
- Claims Assistance: Offer support and assistance to clients during the claims process, ensuring timely reimbursement and compliance with regulatory requirements.
- Reporting and Filing: Assist clients with the preparation and submission of required reports and filings to government agencies, such as the Canada Revenue Agency (CRA).
- Compliance Monitoring: Monitor insurance plans for compliance with tax laws and government acts, providing guidance and adjustments as needed.
- Conflict Resolution: Provide mediation and resolution services for any disputes related to insurance coverage, ensuring compliance with legal requirements.
- Risk Management: Identify and mitigate potential risks associated with insurance plans, ensuring compliance with regulatory standards and government acts.
- Communication: Maintain open communication channels with clients to address questions, concerns, and changes in their insurance coverage or tax laws.
