5 Things the Bank won’t Tell You,

about your Mortgage Life Insurance

Fact 1.

Your Coverage

Your Life Insurance is decreasing Every Single Month!

Mortgage Life Insurance decreasesDid you know that as you pay down your Mortgage, your Life Insurance amount decreases along with your Mortgage Balance! But the costs remain level! This means that every single month you are getting Less and Less Value for your hard earned dollar…

Every Month you are getting less and less Value from your Bank Owned Life Insurance Policy!

Fact 2.

Your Portability

If you move your Mortgage to another Bank, you Lose your Coverage!

Move your Mortgage Life InsuranceDid you know that there is no Portability with your Mortgage Life Insurance! This means, if you choose to move your Mortgage to another Bank, either due to principle or better rates, your Life Insurance will go away, and you will have to qualify for a new policy with a new lender. This creates a challenge as the policy premiums will always be more expensive, as you will be older, and what if you had a major medical event, and do not even qualify for the new Bank Policy?

Your Mortgage Life Insurance is not Portable, if you change Banks, you risk your Life Insurance!

Fact 3.

Your Choice

You don’t have to Purchase “Their” Coverage!

Mortgage Life Insurance from the bankMost people believe that purchasing the Bank Life Insurance is a necessary step to qualify for the Mortgage. While using Life Insurance to protect your largest debt is absolutely necessary, using the Bank issued coverage is not. Most Banks will not tell you that having a personal policy would cover the debt obligation off far better than their coverage would.

Your Financial Information and your Health Information should not be linked together...

Fact 4.

Your Peace of Mind

The policy is only looked at (Underwritten) when your family may need it!

Life Insurance only looked at when you need the benefitIn most cases the policy is put into force with the answer of a few simple questions, while you are doing your mortgage application. But the policy itself is not underwritten until claim time. This always puts a lump in my throat to think the only time they will ask me the tough questions, is when I am not here to answer them… Who will fight for your family, the Bank?

Get the confidence you deserve today with your personally owned and fully underwritten policy...

Fact 5.

Your Hard earned Money

You are Paying Way Too Much, for your Life Insurance Coverage!

Life Insurance cost too muchNot only is the Bank issued Life Insurance the worst way to cover off your Mortgage Balance, it is the most expensive way of doing it as well! A bank is not an Insurance Company, so they act as a 3rd party issuer, adding costs. Bank issued policies also pay HST, so you get to pay taxes on your premiums as well. No HST is collected on personally owned Life Insurance.

A typical couple will save more than 30% by owning their Mortgage Life Insurance personally!

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Find out how much this valuable coverage will cost your family

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Thank you Steffen for your easy to use Online Application Process, it really was easy...

Linda and Darrel B.

Thanks for opening up our eyes to the Bank Insurance we thought we had purchased. It makes us feel much better knowing that we are properly protected now.

Jeff and Cindy G.

We thought when the Bank refused us, we were done. Thanks for going the extra mile.

Shawn and Lesley T.

Great job on getting us the coverage we needed. We now see the difference, and feel much more comfortable in our choice.

Ray and Gerry K.

Great job! Thanks for the quick service and outstanding online application, approval and delivery of our policy. You couldn't have made it any simpler for us!!!

Joe and Stacy S.

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