Take control of your mortgage protection; individually-owned life insurance gives you more control over your options.
With Bank-Owned Mortgage Insurance, you may not always be covered
- Your insurance only covers the balance of your mortgage. While your debt reduces over time, the premium remains the same.
- If you die, only the outstanding balance on your mortgage is paid directly to the bank/trust company.
- If you take your mortgage to another lender, you will lose your existing mortgage insurance and will be required to re-qualify for new coverage.
- You lose all your coverage when your mortgage is: repaid, assumed, or in default.
- You have no flexibility to change your coverage as your needs change.
- Medical underwriting is done at the time of a claim, which can leave a grey area to refuse paying a claim.
- Typical mortgage insurance rates are not guaranteed.
But, with Individually-Owned Mortgage Insurance, you are in control!
- Your coverage amount doesn't reduce as your mortgage balance decreases.
- You own the policy and the beneficiary(ies) you want.
- Your mortgage protection remains intact even if you switch lenders or sell your property.
- You can match the term length to your amortization period.
- You have the option of converting your policy, regardless of your health.
- Full underwriting is done at the time of application.
- Your rates are guaranteed for the life of the policy contract.