Mortgage Insurance
There is more than one option for insuring your mortgage, although the banks don’t like you to know this. Many people are not aware that the bank that holds their mortgage is not the only source for mortgage protection, and a far better choice exists.
By taking out your own private life insurance policy to cover your mortgage, there are many benefits. Below is a quick comparison between the two options:
| Bank Mortgage Insurance | Your Own Policy | |
| Are there any price advantages if I am a healthy non-smoker? | NO. Healthy individuals receive no preferential rates. | YES! Rates for healthy non-smokers are considerably lower! |
| Does My Coverage Stay The Same? | NO. As you pay down your mortgage, the coverage decreases. | YES! As well, you also have the option to reduce the coverage at anytime and lower your premiums as you pay down your mortgage! |
| Is my insurance portable if I change banks for my mortgage? | NO. You will have to re-apply for the insurance. This could involve even higher rates or declined coverage if your health has changed. | YES! An individual mortgage insurance policy through an insurance company is owned by you - you can keep it if you switch banks, pay off your mortgage or move to a new home. |
| If both myself and my spouse pass away, are we both covered? | NO. Mortgage insurance through a lender only pays out a benefit equal to the mortgage, even if both spouses die. | YES! Individual policies will pay out twice the amount in the event of a simultaneous death. |
| Will the proceeds of my policy go to MY choice of beneficiary? | NO. Your mortgage lender is automatically the beneficiary. | YES! You choose your beneficiary which provides them with flexibility to do whatever is needed with the proceeds! |
Call us for a complimentary quote on your mortgage insurance. You will be amazed by the savings and added benefits of having your own policy.
Click Here to read what our customers say about our Mortgage Insurance option.