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Be Protected Financial | How To Protect One of Your Most Valuable Assets
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How To Protect One of Your Most Valuable Assets

How To Protect One of Your Most Valuable Assets

In this article I explain the real facts that can save you money and protect one of your most valuable assets – your HOME.

When you purchase mortgage insurance through a bank do you really know what you are buying?  I’ll explain the differences between purchasing mortgage insurance through your Bank/Financial Institution or through an Insurance Advisor like myself.

Here are the facts:

DO YOU OWN THE POLICY?

Bank
NO, The bank owns the policy.
Advisor
YES, you own it.

IS THE MORTGAGE INSURANCE PORTABLE?

Bank
NO, If you change lenders you have to reapply and if your health has changed you run the risk of NO coverage.
Advisor
YES

DO I CHOOSE THE BENEFICIARY?

Bank
NO, The bank is the beneficiary and pays off your mortgage.
Advisor
YES, You name the beneficiary. They receive the full benefit amount and they decide what to do with the proceeds.

IS FULL MEDICAL DISCLOSURE DONE AT THE TIME OF APPLICATION?

Bank
NO, Medical records are disclosed at death, resulting in a risk of being denied.
Advisor
YES, All medical history and testing is done upfront during the application process.

DO NON-SMOKERS AND FEMALES PAY LESS?

Bank
NO, The bank mortgage insurance is a one size fits all concept.
Advisor
YES, Rates are based on an individual’s medical condition, family history and sex (e.g. females and non-smokers receive lower rates).

CAN I CONTINUE THE COVERAGE IF MY MORTGAGE IS PAID OFF?

Bank
NO, Once your mortgage is paid off your coverage ends.
Advisor
YES, You can keep it, convert it or cancel it…it is up to you.

DOES YOUR DEATH BENEFIT STAY THE SAME?

Bank
NO, As your mortgage decreases, so does your coverage, but your premium will stay the same.
Advisor
YES.

Check this out…a must see!

CBC Marketplace does an investigation on two families who bought coverage through their banks only to have their claims denied. www.cbc.ca/marketplace/in_denial/

WHICH PROTECTION WOULD YOU RATHER HAVE? If you have additional questions, contact me at [email protected].

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