Mortgage Insurance

Before you say yes to Mortgage Insurance…

 

Do you want control of your insurance so that you can take control of your destiny for yourself, spouse and/or children?

Your lending institution offers mortgage insurance, but why settle for an insurance product that does just one thing. When it comes to protecting your mortgage there’s another option. Your own policy not only offers more protection, more flexibility and more value than traditional mortgage insurance, but it is often a better price.

 

Banks and Lending Institutions Life Insurance Policy
Beneficiary is the lender. Beneficiary is the person you choose.
Insurance decreases with the mortgage amount but the premiums remain the same. Insurance amount remains the same for the term of the policy you choose.
Not transferable to a new lender if insured with a bank. You can change the lending institution without having to make changes to your life insurance policy and having to requalify for the life insurance.
Cannot change the policy if needed in any way, such as you cannot increase or decrease the amount of insurance. You are only insured while you have the mortgage. You can convert your term policy to a permanent policy without any health questions.
If two people are insured and both people die at the same time only the amount owing is paid to the institution to pay out the mortgage. If two people are insured on the policy should they both die at the same time both policies would be pais out to the contingent beneficiaries, usually the children.
You cannot purchase Critical Illness insurance without purchasing life insurance. You may purchase Critical Illness insurance on its own and also the amount that is affordable to you.
The underwriting is done upon a claim at which time on could be deemed uninsurable. The underwriting is done upon applying for the insurance.