DID YOU TAKE OUT MORTGAGE INSURANCE ON YOUR NEW HOME? WE NEED TO TALK…
When you take out a mortgage, it may seem convenient to purchase your mortgage insurance from your lender. But before you do, consider the significant differences between the mortgage insurance offered by most lenders and purchasing your own life and critical illness insurance from a professional advisor
- You're family is not the beneficiary, the bank is
- Underwriting is done at time of claim, meaning you might not get paid out. You can find out more about this here
- You don’t own the policy, the bank does
- Your premiums can increase at any time
- Although the benefits decrease as you pay down the loan, premiums stay the same
- Not transferable to other lending institutions
- You may need more Insurance than just what you owe on your mortgage. A licensed agent can help you calculate how much you need to make sure your family is taken care of, if you aren't able to.
ISN’T IT WORTH YOUR WHILE TO COMPARE FOR YOURSELF?