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Financial Fundamentals, Insurance Information

Have a Mortgage / in the Market for a Mortgage? You Need to Read This!

2HandsHouse

Contrary to popular belief, mortgage insurance from a bank, and Life Insurance from a life insurance company are not all that similar. Don’t miss the end of this post where I reveal the biggest surprise of all!

Here is a quick list of what you get with mortgage insurance:

1. Proceeds at death are paid directly to the financial institution to pay off your mortgage balance
2. Policy can be cancelled by the bank if you change institutions to obtain a better mortgage rate
3. Insurance may be refused or the premiums increased if you change lending institutions, sell your home, pay off the mortgage, or increase your house size
4. Policy is owned by the financial institution
5. Insurance coverage equals the amount of the outstanding mortgage, so coverage decreases over time as your mortgage decreases, but the premium stays the same
6. The financial institution representative is not necessarily a licensed insurance agent
7. There are no cash values in the policy
8. Underwriting is done at time of claim, so you cannot be certain that you will have coverage even though you have been paying premiums

In contrast, here is …

A quick list of what you get with Life Insurance:

1. Proceeds at death are paid to whomever you designate as the Beneficiary and are used as they see fit
2. Policy can only be cancelled by you, or by the insurance company for non-payment of premium
3. A life insurance policy stays in force as long as you pay the premiums, regardless of changing home or financial institutions
4. Policy is owned and controlled by you
5. Insurance coverage remains the same throughout the term of the policy and your costs remain constant over the term of the policy
6. You receive professional, expert advice from a licensed, life insurance broker
7. Life insurance can be used to accumulate cash values and shelter money from taxes
8. Underwriting is done at time of application, so you will know immediately if you are insurable and are receiving coverage for your premium payments

The decision should be clear. And if you’re not convinced, then what if I told you I can also save you money by giving you the superior product? Seems crazy right!? Well I can, and I do, and most people that have had mortgage insurance and make the switch are surprised and extremely pleased with my service.

Money House

Let’s talk about Life Insurance and saving you some money.

Tyler Brown
Financial Security Advisor
Life Insurance Broker
tylerb@riskman.ca
CP: (519) 212-9859

WP: (519) 648-9580
FX: (519) 489-2740
http://www.riskman.ca
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0

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