A personal term life policy may be your best mortgage insurance option.
When you purchase a home and arrange for a mortgage you are asked by your mortgage lender if you want to purchase insurance so that the mortgage will be paid in the event of death of one of the homeowners. Almost 75% of home buyers say yes but what do the other 25% of home buyers know that leads them to pass on this mortgage insurance?
Most of those who decline mortgage insurance from their lender have read something in newspapers, magazines or books that convinced them a personal insurance policy would not only cost less but offer some very important additional benefits compared to the traditional mortgage insurance offered by financial institutions and mortgage brokers. There can be definite advantages to a personal term life mortgage insurance solution, so why not let your mortgage broker focus on their specialty and turn to an expert in insurance to provide you with the best brokered solutions to meet your particular personal insurance needs. PIB can devise the best mortgage insurance solution for your situation.
Some questions you should ask before obtaining mortgage insurance:
|PIB's Solution||Your Lender|
|Can I choose my own beneficiary for the insurance proceeds?||Yes||No|
|Can I apply for more coverage for other needs?||Yes||No|
|Will my coverage remain level throughout the mortgage period?||Yes||No|
|Are my premiums fully guaranteed in the contract?||Yes||No|
|Could I pay less if I am in good health and don’t smoke?||Yes||No|
|Does my coverage stay in force if I move or change mortgage lenders?||Yes||No|
|Can my coverage extend past my mortgage period?||Yes||No|
|Can I convert to a permanent plan, even if my health has changed?||Yes||No|
|Am I protected from post claim underwriting which could declare me uninsurable and result in my claim being denied?||Yes||No|
|Am I guaranteed to receive advice from a licensed insurance agent?||Yes||No|
Contact Us to discuss how we can help you find the right insurance for your mortgage needs.