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:
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Life Insurance VS Traditional Mortgage Protection
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.
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.
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.