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Life insurance or Mortgage insurance, which one to choose ?
Date Listed 19-May-12
Address Brantford, ON, Canada
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Life insurance or mortgage insurance?
Another option for mortgage protection !
Your home is probably the biggest investment you'll ever make. When you arrange a mortgage with a financial institution, they must ask you if you want to insure your mortgage through them. But mortgage insurance from your bank or mortgage lender may not be your best alternative.
Life insurance gives you more options and greater control over your mortgage protection. Email me to see how you and your family can benfit from the advantages of an individual plan.Mortgage insurance
Disadvantages of Mortgage Insurance through the Bank
  • Your insurance covers only your mortgage balance.
  • Even though your mortgage debt reduces over time, your premiums remain level.
  • If you die, only the outstanding balance on your mortgage is paid off.
  • The mortgage lender is automatically the beneficiary.
  • If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance.
  • You lose all your coverage when your mortgage is repaid, assumed or in default.
  • You have no flexibility to change your coverage as your needs change.
Advantages of your own personal plan
  • You can choose from different types of insurance (i.e. term or permanent) with a death benefit to cover more than just your mortgage.
  • Your coverage amount does not decrease over time unless you choose to change it.
  • If you die, the death benefit is paid to your beneficiary who can use it as they see fit, not just to pay off your mortgage.
  • You name the beneficiary.
  • If you take your mortgage to another company you keep your existing insurance, so you don't have to re-qualify.
  • As long as premiums are paid your coverage remains in place, even if your mortgage is repaid, assumed or in default.
  • If you decided you need coverage only until your mortgage is repaid but later realize you require coverage for other needs, you can convert your insurance to a permanent plan.
Email me now for illustrations from several different insurance companies that I represent!

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