Mortgage protection plan is just designed for the purpose of paying out the outstanding balance of the mortgage should there is a death of the mortgagor or person who owes mortgage to the bank or lending institution. It can be purchased equal to the amortization period while other options are also available.
Advantages of Buying Insurance from an Independent Insurance Advisor:
- The premiums are guaranteed
- The insurance plan is independent of the bank or lending institution as it designed to keep your needs in the forefront.
- Once the insurance is purchased the premiums will not be affected by the loan renewal or change of the lending institution or your health status in future.
- Mortgage loan insurance unlike the one provided by the banks is completely flexible as you can choose your own loved ones as the beneficiary.
- The beneficiary can thus decide to use the insurance amount as needed whether to pay off the balance or take care of the then urgent needs.
- The insured can convert it into permanent life insurance if he/she chooses to do so, just like regular life insurance product without having to answer any medical questions.
Term life insurance is a great alternative which is also available to our clients and is worth comparing to the mortgage protection plan and can be discussed with your licensed insurance advisor.
Before signing on the dotted line while getting a mortgage from the bank, one should compare the advantages and disadvantages of their plan to the ones provided directly through insurance companies. The premiums of the mortgage insurance provided by the banks are added to your mortgage payments and may just be overlooked or ignored and the payouts will not be used as desired by your survivor or your loved ones.
When it comes to insurance, you can trust our advice as we will fully take your specific needs and best interests into consideration. Please send us an email at [email protected] or call us at 647-222-1122 to further discuss in detail about insurance needs