Secure Your Family's Future - Tomorrow is Never Guaranteed.
Have you bought or are you planning to buy a new home? Are you renewing your mortgage? Did you know that life insurance could save you thousands, give you more flexibility and provide better coverage than mortgage insurance?
Don’t just cover the balance on your mortgage with traditional mortgage protection. Here are the benefits of protecting your mortgage with life insurance rather than mortgage insurance:
You decide who gets the death benefit by choosing a beneficiary
You can leave your beneficiaries with the flexibility to use the payout in any way they wish
You simply protect your loved ones in case of death
You will keep your coverage even as you pay off your mortgage
You will keep your coverage even if you move homes or change lenders
Life Insurance
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Mortgage insurance premiums offered by your bank are usually higher than term life insurance premiums. And that’s not all: lender-option premiums also increase periodically with age.
While the procedure for applying for a lender-provided policy may appear simpler, it ends up increasing your cost of insurance. Much more work goes into the diligent underwriting of life insurance, thus the insurance company knows more about the risk of covering you, and is able to give a more accurate and lower price.
When you get life insurance the insurance company guarantees your coverage, independent of any changes in your health or lifestyle choices after the policy has been approved.
Insurance offered by your bank is not guaranteed for the term of your loan. Any adverse changes in your health can cause your bank to deny you a renewal of your coverage. Worse still, the underwriting for mortgage insurance is done at the time of the claim and the bank can decline your coverage if they learn that your health was not in line with their expectations at the time of taking the policy.
With lender provided insurance, selling your current home and buying a new one, refinancing your home through a different lender, or even renewing your mortgage with your existing lender, requires buying new insurance policies. The mortgage dependent policy does not move or ‘port’ along with your mortgage. That’s a benefit only available with life insurance, which stays with you for the length of the term.
As you pay down your mortgage debt, the amount of the mortgage insurance payout also goes down. A lower payout must mean lower premiums, right? No, your premium stays the same, even as your coverage reduces.
On the other hand, term life insurance policy amounts and premiums remain the same over the policy term. With term life insurance, the payout would be the same whether it is year 4 or year 24 of your amortization period.
Life insurance pays out to the beneficiaries of your choice, most likely your family. It serves to protect them when you are no longer around. Mortgage insurance isn’t really designed to protect your family. It’s designed to ensure the lender receives their money, and the fact that your family may benefit from paying off the mortgage is secondary.
If you should die unexpectedly, perhaps paying off the mortgage isn’t your spouse or children’s first priority. They have no choice with a lender-provided life insurance policy, but with an individually-owned life insurance policy, they can decide on the best use of the proceeds. That might mean they use the money for a college education or paying off other debts.
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