|
Mortgage Protection Insurance -
Protect your investments
in your home!
Buying a
home is probably one of the biggest investments you will ever make.
Since life is unpredictable, protecting your home is important.
When you are approved for a mortgage,
your lender will offer to sell you mortgage protection insurance.
Generally, this is a group insurance policy owned by the lender.
Before you say
yes to mortgage protection insurance from the bank, you should know that you have other
options.
Mortgage protection
with an
individually owned insurance
plan from an insurance company is a great alternative to the
typical mortgage insurance offered by other financial
institutions. It provides better guarantees, greater choice and
more flexibility.
You can purchase an
individual
Home
Protection Plan, which is designed specifically to
protect your mortgage and includes life
insurance, critical illness и disability
insurance. Generally, group insurance plans from lenders do
not have all of these options in their plans. If you want to
get only life insurance, an individual
Mortgage
Protection Life
Insurance, which you can choose from different insurance
companies, will provide you better coverage, more flexibility and
often for less price.
Take a look at what is different
between individual
Term Life Insurance (Mortgage
Insurance from us) and
most of
Mortgage Insurances from Lenders:
|
What
would you like better? |
|
Mortgage Insurance from an insurance company |
|
Typical Lenders' Mortgage Insurance |
|
Policy
is owned by you |
|
Policy
is owned by Lender |
|
Policy
can only be cancelled by you |
|
Policy
could be cancelled without your approval |
|
You
choose the beneficiary |
|
The
Lender is the beneficiary |
|
Your
designated beneficiary controls the insurance proceeds. Upon
death, the benefit goes directly to your beneficiaries, and they
decide how to best use the money. |
|
The
Lender controls the insurance proceeds. Upon death, the benefit
goes directly to your Lender to pay off the mortgage. |
|
Policy
is fully portable whether you move or change mortgage carrier. |
|
Premiums may be increased if you change lenders, move homes or
increase your loan. |
|
Insurance coverage does not decrease and may continue after the
mortgage is retired. |
|
Insurance coverage decreases and stops when the mortgage is paid
off. |
|
Maximum
flexibility with policy options: increase and decrease coverage,
add and delete coverages or lives, convert all or part of
coverage to permanent insurance. |
|
Minimum
flexibility without special policy options. |
|
Insurance premiums are based on your age and health. You may be
qualified for preferred rates and to pay less than others. |
|
Since
mortgage insurance is usually provided through a group plan, you
pay the same rate for your coverage as everyone else. |
|
CHOICE & CONTROL & FLEXIBILITY |
|
NO CHOICE & NO CONTROL &
NO FLEXIBILITY |
| |
|
Lenders' mortgage insurance
premiums are higher than you think. |
|
Example. |
|
Take a look at the differences
between protecting your mortgage using individual mortgage
protection life insurance vs. most lenders' mortgage insurance: |
|
Age |
Sample
Lenders' Mortgage Insurance |
Mortgage protection life insurance
|
|
30 |
$18 |
$15.66 |
|
35 |
$26 |
$19.98 |
|
40 |
$40 |
$27.00 |
|
45 |
$58 |
$41.94 |
|
50 |
$80 |
$53.28 |
|
Male, Non-smoker,
Mortgage balance $200,000, Monthly premiums |
You can choose an economical solution,
which will cost to you $15-$25 per month, depending on your age, sex,
coverage. If you want to have a comprehensive protection you can
purchase a home protection plan, which may include life
insurance, disability insurance, critical illness, accidental
death&dismemberment, accidental fracture (at your discretion).
Contact us for rates and more
information.
|
If you have
any questions or concerns feel free |
 |
|
