Mortgage Insurance
Protect the investment in your home with Individual Mortgage Insurance. When it comes to buying your home you take the time to consider all options to ensure the home is right for you.
Why not do the same when it comes to protecting your home – most likely your single biggest investment?
Many consumers do not know they have choices or they do not take the time to consider Individual Mortgage Insurance vs. Creditor Insurance through their lending institution. Nine out of ten people that compare Individual Mortgage Insurance with their mortgage insurance from their lending institution, purchase Individual Mortgage Insurance. Generally, you are going to experience a 20%+ discount but the real benefits are in the brief summary below.
Mortgage Insurance (Bank/Lender) Individual Life Insurance
Cost Expensive Less expensive in most cases
Beneficiary The BANK is beneficiary YOU choose the beneficiary
Ownership The BANK owns the policy YOU own the policy
Coverage Coverage decreases as mortgage decreases while premium remains the same or increases coverage remains at full amount and if mortgage is paid you can choose to keep the coverage
Renewal You may lose coverage at mortgage renewal Your coverage is guaranteed renewable
Underwriting Done after death - you may not have insurance at all! Done at time of application
We strongly recommend that you take a few minutes to watch this video that aired on CBC Marketplace on the “dangers of Mortgage Life Insurance”. Simply click on the photo below to bring up the video.
