Main

CBC Exposes Bank Mortgage Insurance

Posted on March 11, 2008 at 11:14 am 
Filed Under Insurance Planning, Mortgage Planning, Personal Insurance

VIDEO: The CBC Reports on Mortgage Insurance

The above video was put together by CBC is a tremendous example of the downfalls of purchasing ortgage Insurance through your bank.

As a Mortgage provider, we have done our research and are well versed on the difference between opting for the mortgage insurance provided through your lender and owning personal life insurance for the purpose of your mortgage. In fact, that is why we recommend that each of our mortgage clients purchase personally owned life insurance for this purpose. We know that almost all individuals will save money on the premium, but that is only one part of the many benefits that exist.

Your Take-Away: As a home owner, it is 100% in your best interest to explore your options. If you choose to own personal life insurance for your mortgage over the lenders mortgage insurance, you will benefit in the following ways:

  1. Ownership: You will own the policy and thus choose your beneficiary as opposed to having the bank as your beneficiary
  2. Portability: Your mortgage insurance will go with you whether you buy a new home or change lenders as opposed to having to reapply if you change lenders
  3. Level Benefit: You will receive the benefit you apply for at claim time as opposed to simply having your mortgage paid off at whatever value it is
  4. Underwriting: We underwrite at the time of application which means you are approved once you receive your policy as opposed to doing the bulk of the underwriting at claim time

Enjoy the video, and don’t forget that it is well worth your time to do a bit of research before simply “signing off”.

Until next time, have a Terrific Tueday.

Chris & Elisseos

Email This Post Email This Post

Comments

2 Responses to “CBC Exposes Bank Mortgage Insurance”

  1. Home Mortgage » CBC Exposes Bank Mortgage Insurance on March 13th, 2008 12:09 pm

    […] Tom BergmannHAs a Mortgage provider, we impact ended our analyse and are substantially versed on the difference between opting for the mortgage shelter provided ended your pledgee and owning personalised chronicle shelter for the watch of your mortgage. … […]

  2. RefinancingTips on April 28th, 2008 11:46 pm

    Great read. I think I’ll subscribe to this as it has some good info! Thanks. I do apppreciate the blog :-)

Leave a Reply