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Mortgage Insurance Solutions
Insurance is there to protect you and your family should the unexpected happen. However, it doesn’t always work this way, and Mortgage Insurance is the perfect example of how the wrong policy can harm you instead of help you. As illustrated in the CBC Marketplace video, “In Denial,” if you buy Mortgage Insurance sold by banks or mortgage brokers, you could find yourself paying out premiums for years until eventually having your claim denied. Speak to one of our partners today to learn about the benefits of insuring your mortgage through consumer-friendly products, such as life insurance.
MAJOR ISSUES WITH MORTGAGE INSURANCE
Post Claim Underwriting.
Underwriting is done after a claim has been submitted, which means that you could be declared uninsurable when you make a claim despite the fact that you’ve been approved to pay premiums.
The beneficiary is the lender.
With life insurance, you select the beneficiary. With mortgage insurance, the bank is the beneficiary and the payout can only be used to pay the mortgage.
The insured amount decreases with your mortgage, yet your premiums stay the same.
With life insurance, you select the beneficiary. With mortgage insurance, the bank is the beneficiary and the payout can only be used to pay the mortgage.
Mortgage Insurance is not transferable to a new lender.
If you switch mortgage lenders because you found a lower rate elsewhere, you can’t switch the mortgage
You cannot change the policy, even if your situation changes.
You don’t have the option to convert your term policy to a permanent policy, which would allow you to have fixed rates.
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