Mortgage Insurance
Most people take the time to shop around for their mortgages — looking for the best interest rates and terms. However, they do not do the same for their mortgage insurance. They simply accept the coverage offered by their lender. The fact is that you may get better coverage at a lower cost by having your own personal mortgage insurance policy. See the FACTS below
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Your Individual Mortgage Insurance |
Mortgage Insurance from the Banks |
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1 |
What amount is paid at death? | 100% of the insured amount | Only the balance of the mortgage |
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2 |
Does your insurance coverage stay level? | Yes | No, the bank decreases it every month |
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3 |
Who owns the insurance? | You | The Bank/Lender |
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4 |
Who gets the death benefit? | Your chosen beneficiary | The Bank/Lender |
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5 |
Will you lose your insurance if you sold your house? | No it stays! | Yes. You lose it when you sell your house or change lender |
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6 |
Do you get your money back? | Yes (with some plans) | NO. Never!! |
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7 |
When is approval for coverage done? | Before the policy is issued | The bank will UNDERWRITE your coverage at CLAIM TIME! That’s why some claims are never paid! Beware! |
When a “mortgage specialist”, who is not life licensed, from the bank recommends Bank mortgage life insurance are they really acting with their client’s best interests in mind? As “Insurance Brokers” we go to lengths to ensure a well-designed life insurance portfolio is recommended to each of our clients in order to fulfill our professional and fiduciary responsibilities. We offer you comparative products from different insurance companies so you can make an informed decision. If you want a no-obligation quote to see if an individual mortgage insurance policy suits your circumstances, give us a buzz.
