Most banks offer life insurance for protecting your mortgage. However, mortgage insurance isn’t always the best solution for your protection. The fact is, you do not have to take the Mortgage insurance offered by your bank.
Before you say yes to mortgage insurance from your lending institution, you should know that you have other options that better protect you and your family.
The Facts…
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MORTGAGE INSURANCE |
PERSONALLY OWNED POLICY |
| Decreasing Benefit Decreasing insurance where premiums remain level while mortgage reduces. | Coverage remains level. Does not decrease as the mortgage is paid down. |
| May be required to re-qualify upon renewal of Mortgage or if you change lenders. | Never have to re-qualify for coverage. |
| Unable to name a beneficiary the lending institution is the beneficiary. | You decide who the beneficiary is. |
| Coverage is not convertible to permanent insurance. | Coverage is convertible to permanent insurance. |
| No distinction between smokers and non-smokers. | Non-smokers receive lower rates. |
| Generally a group policy that is owned and controlled by the lender. May be cancelled by the lender or insurer at any time. | An individual policy cannot be cancelled, except by you. You have complete control over it.
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Please call us to set up your own Mortgage Insurance that you are in control of.
