Protecting your home
The purchase of a home is probably one of the largest single purchases you will ever make.
It will probably also create the largest single loan you have ever had.
In the event of your premature death, you’ve probably considered insuring your lives to ensure your surviving family will be able to stay in the home prior to the loan or mortgage being paid off.
So, should I get protection through a bank or insurance company?
There is only one answer…
If you want:
Your best options are available through an insurance brokerage. Let’s Compare!
|Type of Life Insurance||Term or Payment||Decreasing Term|
|Beneficiary||Anyone – you decide||The mortgage lender|
|How insurance will be used||Beneficiary decides. Invest? Pay off mortgage?||Pay off mortgage|
|Payment Frequency||Monthly, semi-annually, annually||With your mortgage payment|
|Other Life Insurance needs||Take care of all insurance needs with one policy||Can only cover the mortgage|
|Portability||Insurance stays with you – even if you refinance or change lenders||If you move, the insurance ends. You will have to requalify|
|Benefit Level||Get level benefit or lower benefit over time to match your mortgage||Benefit decreases as mortgage paid off|
|Advice||Deal with licensed advisors||The mortgage lender|
|Underwriting Time||Underwriting at time of application||Often underwritten at time of death|
|Premium Guarantees||Fully guaranteed||Not necessarily guaranteed|
|Premium Rates||Premium based on gender, smoking, health, lifestyle||Often some rates given, regardless of other factors|
|Options and Riders||Individual policies can be customized||Usually not available|
|Lifestyle Discounts||Preferred underwriting available||None|
Now you know the facts, but how does this all fit together?
A needs analysis will take a look at the whole picture and help us determine a plan to suit your needs. A customized insurance plan will put the control where it should be…in your hands.