Stop Wasting Money on Mortgage Insurance!Kyle Du Preez2022-03-11T18:47:14+00:00
Stop Wasting Money on Mortgage Insurance!
A lot of time and effort goes into shopping for your dream home. You also probably spent a considerable amount of time shopping the market for the best mortgage rate available. Once you made your final decision, the lender offered you Mortgage Insurance to protect your most prized asset. On the surface it seems like a good idea, protecting your loved ones against unforeseen illness or premature death is a prudent decision. You can even tack the monthly premiums onto your mortgage payment for one simple withdraw each month.
But before you agree to Mortgage Insurance through a lender, you should explore your options. Protecting your mortgage with an individually-owned Term Life Insurance policy will provide better value and more flexibility – usually, at a lower cost.
Mortgage Insurance
Term Life Insurance
Coverage Amount
Coverage declines as your mortgage balance declines.
Coverage remains the same, even as your mortgage balance decreases.
Beneficiary
The bank is the beneficiary if you pass away.
You are able to choose your own beneficiary.
Policy Owner
The policy is owned by the lender and is not portable.
Policy is owned by you – you keep it if you switch lenders, pay off your mortgage or move to a new home.
Premium Stability
Your coverage and rates may not be guaranteed.
Your coverage and rates are locked in.
Conversion
Coverage is not convertible to a permanent insurance policy.
Coverage is convertible to a permanent policy without a medical exam – providing lifetime protection.
Underwriting
The simplicity of the application process may lead to accidental non-disclosure which could prevent a claim from being paid out. These questions are underwritten at time of claim.
Policy is underwritten at time of application. Evidence of insurability is established before you choose to proceed with your coverage.
Monthly Cost
Typically much more expensive than traditional term life insurance.
Not only are the rates typically less expensive, you may qualify for further rate reduction if you are in extremely good health.
See the savings immediately using the quote tool below!
If you are interested to learn more, schedule a no-obligation meeting with me!
