Why you should replace your Mortgage Life insurance Now !

October 21, 2012 at 2:34 pm Leave a comment

Approximately 60% of Canadians that have a mortgage through a Canadian bank have mortgage life insurance. When you sign up for your mortgage, it’s easy. Simply check “yes” to add the coverage. But how many of you actually shopped that coverage to see if you were getting the best rate or that there might be a better coverage option for you.

THE ADVANTAGES WITH LIFE INSURANCE COMPANIES:

  • You can name a beneficiary
  • Transferable protection when you move or change institutions.
  • Guaranteed and fixed premiums.
  • Premiums established according to each client rather than a group.
  • If you health is good premium is cheaper.

THE DISADVANTAGES OF DEALING WITH BANKS :

  • You can’t name a beneficiary, the bank is the Lender.
  • You can’t transfer your mortgage insurance  when you move or change institutions.
  • Premiums are not Guaranteed; if interest rates go up, your insurance  go up too.
  • Premiums established according to group of borrowers not the client.
  • The coverage is decreasing every year but premium stay the same ouch!

Once you complete the form, you will receive a response — along with your quote — in just 24 hours.

 

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Entry filed under: Uncategorized.

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