Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?
From the bank: only the balance of your mortgage
From an independent advisor: whatever you need it to cover such as debts, line of credit
What happens as my mortgage balance decreases?
From the bank: the coverage amount decreases as your balance decreases.
From an independent advisor: the coverage stays the same for as long as you own your policy
What if I switch banks?
From the bank: You might lose your coverage and need to reapply
From an independent advisor: Your coverage stays the same, since it’s not tied to your mortgage
Who gets the benefit if I die?
From the bank: The Bank
From an independent advisor: You decide who gets the insurance and how to use it, such as to pay your mortgage, medical expenses or child’s education- whatever is best for your family
Talk to us, we can help.