Get a mortgage insurance quote!
Your best alternative to Mortgage Insurance - personal life insurance. When considering where to buy your insurance you should speak to a Licensed and professional insurance broker, like me. I can evaluate your debt risks, and all other personal risks you might have. You should consider all your options, and get a policy that is guaranteed to pay your family, not the bank, if you die. Have a plan that is fully underwritten at time of application, so you know you are properly protected.
Most (if not all) the mortgage insurance sold by the banks use a technique called “post-claims underwriting”. It saves them a lot of money since they only analyze your situation IF you present them with a claim (death or disability). However, for you it could be disastrous since you will not really know if you are covered for you mortgage life and/or disability insurance until after the claim is presented
- Not Guaranteed to Pay- Bank decides if you qualify when you make a claim and can deny payment.
- Tied Selling- The bank cannot make you buy another product or service as a condition for obtaining a mortgage.
- Declining Payout- Your coverage goes down as you pay off your mortgage.
- Increasing Premiums- Every few years when you renew your mortgage, the premiums increase.
- The Bank gets the Money
Get a life insurance free quote here and see how much your bank/lender is charging you for mortgage insurance (with a catch) compared to personal life insurance from insurance companies. Most people save 30% to 70% by easily switching to life insurance.