Is the Mortgage Insurance Offered by the Bank the Best Option?
- Life Insurance Tailored For You
- Declining Benefit
- Life Insurance Tailored For You
- You are in control. Your coverage can be maintained at the value you and your family choose.
- Generic Bank Mortgage Insurance
- The coverage decreases as you pay down your debt while the payments stay the same. Once your debt is repaid, your coverage ends.
- Underwriting
- Your application for insurance is fully vetted by the insurer, upfront. This means that any valid claim will be honored by the insurer.
- May use “Post Claim Underwriting” which means you may not be eligible for coverage once a claim is made.
- Consolidation
- One policy for all your needs, potentially saving you money.
- Only your mortgage is covered. You will need to own different policies for your other needs.
- Beneficiary
- Should you die with the coverage in place, your family gets the money and we assist with the paperwork.
- Should you die with the coverage in place, the bank gets the money.
- Portability
- Your existing policy is honored when you change residences or lenders.
- Should you change lenders, you may need to reapply at higher rates based upon present health and lifestyle.
- Renewal
- Your renewal is automatic at the end of your term.
- You may need to reapply at the end of your term running the risk of potentially being declined insurance depending upon your current age and health.
You have options!
One call could save you thousands over the lifetime of your mortgage.
Sincerely,
Shawn Fetter, CFP®, CIM®, CLU®
sfetter@alitis.ca
