Personal Insurance
Your home is probably the biggest investment you'll ever make.
When arranging a mortgage, your mortgagor may offer you mortgage
insurance. Have you considered the advantages of personal
life insurance to cover your mortgage? Consider the differences:
Mortgage Insurance
Most companies offer decreasing insurance. Even though
the death benefit is decreasing, the cost remains level.
The coverage expires without allowing you the opportunity
to purchase other insurance or provide you with cash values.
The proceeds are payable to the mortgage Company. In the
event of death, the mortgage is automatically repaid.
In most cases, if you take your mortgage to another company,
you lose your protection. To obtain mortgage insurance with
the new company you must submit new satisfactory evidence
of health and are subject to the current charged by the
new mortgagor.
The face amount can only be the exact amount of your mortgage
(no more, no less).
Individual Life Insurance
You can choose term or permanent coverage. A term policy
may be converted, regardless of health, until age 65. At
some point in the future, the cash value of a permanent
policy may be sufficient to pay off the balance of the mortgage.
You appoint a beneficiary who can use the proceeds in
whatever manner he/she wishes (i.e., to invest rather than
pay off a low interest mortgage).
Your policy is portable. If you transfer your Mortgage
to another company, your insurance remains in force - no
need to re-apply and prove your insurability. You are protected
from the danger of losing your insurance because of a change
in your health.
You may select an insurance amount sufficient to cover
your mortgage and other outstanding debts.
More questions? No problem... Contact us
here
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