But...not all mortgage protection is created equal!!!
Here is a closer look at how a personal life insurance policy compares with mortgage life insurance offered by most lending institutions, based on these criteria:
PORTABILITY
CONTROL
LEVEL COVERAGE
GUARANTEED BENEFITS AND PREMIUMS
CONVERTABILITY
GUARANTEED PAID CLAIMS
PERSONAL LIFE INSURANCE
You own the policy, not your lender. You have the choice of switching your mortgage to another lender, without jeopardizing your life insurance coverage. You choose your own beneficiary. Your coverage amount remains intact even as your mortgage decreases. Your rates are guaranteed for the life of the policy. You can convert your insurance to a permanent policy without having to re-qualify medically. Your benefit from insurance is underwritten at the time of application. No unpaid claims at death! LENDER INSURANCE The lender owns the policy and assigns itself as the beneficiary. The beneficiary is the bank. Lender insurance declines as your mortgage balance decreases, while your premiums remain the same. Cost may increase, as the coverage decreases, especially if you move to a different lender, due to your age. Not convertible Underwritten at the time of death. Are you sure your application was correct 10 or 15 years ago, when you bought your house? Don't risk you paying for so many years and not get the life benefit!
As a FINANCIAL ADVISOR for 9 years, i have the expertise to help you in choosing the right insurance that is right for you and your family. Call me today at 403-613-2205 to set up an appointment! |
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