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Compare mortgage life insurance – personal vs lending institutions’

Compare mortgage life insurance – personal vs lending institutions’With most lending institutions’ mortgage life insurance, It’s about being covered

Mortgage life insurance from lending institutions may leave you with fewer options if your health changes or you become uninsurable. Your options for renewing or re-mortgaging with a different lending institution may be restricted in order to retain your mortgage life insurance.

Many don’t allow you to customize the coverage with options or features to better meet your financial protection needs.

It’s about having control

Your lender owns the policy and if you find a better mortgage rate at another lending institution, you may have to re-qualify medically for the life insurance protection. Your mortgage life insurance can’t be moved to another institution.

Your lender automatically pays off the mortgage if you die. Your beneficiary has no choice about how to use the funds, at a time when funds may be required the most.

If you make additional payments to your mortgage, your mortgage life insurance coverage decreases. So the harder you work to pay off your mortgage, the faster your mortgage life insurance decreases.

It’s about getting the most for your money

The cost per thousand of coverage generally increases every year. When you think about it, costs may increase while coverage decreases!

 

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With personal life insurance

Your policy can be customized with additional options and features you select, such as having your life insurance premiums waived if you become disabled.

Depending on the life insurance product you choose, you can have access to cash values that can be used to meet many needs over your lifetime.

You own the policy, not your lender. You have the freedom to switch your mortgage to another lending institution without jeopardizing your life insurance coverage.

Your beneficiaries can choose how to use the funds, whether it’s to pay off the mortgage, provide a monthly income or take care of a more immediate need. It’s their choice, not your lender’s.

Your coverage isn’t reduced by a decline in your mortgage balance.

You choose the type of insurance that best suits your needs with premiums to suit your budget. We offer a range of term and permanent life insurance solutions. You can choose a plan that will keep the premium you pay level for 10, 20 years or for your lifetime.

Get your personal and mortgage protection under one roof.

Your financial security advisor can offer you a wide range of insurance and investment products to meet your needs at every stage of life. You’ll receive professional advice you can trust.

A personal life insurance policy gives you affordable, flexible coverage that you control.

So talk to our insurance specialist today to find the right mortgage life protection for you.

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