When you apply for a mortgage and go in to purchase a home, you are required to get mortgage insurance. However, did you know that your lender is mandated to tell you about their mortgage insurance but they are not actually licensed at selling insurance. Before you say yes to lender provided mortgage insurance, condiser the options. Protection your mortgage with a personal insurance plan can offer you better guarantees, graeter choice and more flexibility and in most cases at a lower cost.

Lender provided mortgage insurance does more to protect the lender then to you, your home and your family – VERY SCARY.

Here is a closer look at how a personal life insurance policy compares with mortgage life insurance offered by most lending institutions.

Lender Provided Plan – Better for Lender
-Fully owned & controlled by the Lending Insitution
- Can be canceled by the lender without your approval
-premium is base on age band and minimal health information
-Underwriting done at claim (this may come with the suprise of being denied your benefit)
-Premius can be adjusted by the lender at any time
-no flexibiltiy or additioanl options to customize plan
-coverage decreases with decreasing mortgage balance although premium generally remains level or increases
-risk of loss in insurability (ex. if you get sick you may lose your insurability)
-the lender is always the beneficiary
-pay benefit to the lender
-the lender controls the use of the death benefit (mortgage)
-pays only the amount owing on the mortgage at time of claim. Value of coverage dectreases
-policy cannot be moved
- coverage expires when mortgage is paid off
- stand alone plan designed to remain outside of other financial needs and solutions
-no personal consultation provided policy

PERSONAL PLAN – Better For YOU!

-Fully owned and controlled by you
-only you can cancel it
-your premium is based on your age, health and smoking status at time of applicantion
- Underwriiting done at application
-Premiums are guaranteed for the life of the plan
-customizing is possible with the insrance amount, premiums and optional benefits
-Coverage can be level or decreasing and premiums are flexible.
-Lock in insurability
-You decide and select the beneficiary with freedom to change
-Pays benefit to your beneficiary
-Your designated beneficiary controls the use of the death benefit
-Full coverage, Vakye if coverage stays the same.
-Policy moves with you
-Coverage continues after mortgage is paid(until expiry)
-Can be integrated with all your other financial goals and updated to reflect evolving/changing circumstances
-plan designed by personal consultant offering expertise and personalized service

Contact me today to learn more about accurately protecting yourself, your family and your home!