Life Insurance
PROTECT YOUR HOME - NOT YOUR LENDER
You’ve worked hard to find the right home. Shouldn’t you take the time to find just the right mortgage life insurance protection for you and your family?
Below are the differences in purchasing mortgage insurance through your lending institution vs purchasing coverage personally through a life insurance company.
Mortgage Insurance
- Decreasing Benefit
When Mortgage is paid off you have no more coverage
- Mostly Non-Convertible
You may have to re-qualify for coverage if mortgage is changed. If your health has changed this could be a problem
- Lacks Flexibility
The benefit is directly linked to the mortgage
- Lender has Control
If you move your mortgage you CANNOT take your policy with you. Will have to re-qualify
- Lender is Paid first
If you die, the benefit goes directly to the lending institution
- Risk in Determining Pricing
More generalized to a one-size fits all approach
- Pay Level Premiums for Decreasing Benefit
Personally Owned Insurance
- Level Benefit
Coverage does not decrease as you pay down your mortgage
- Convertible
Even if your health changes, you can always convert your coverage without a medical
- Very Flexible
You select the plan that meets your financial protection needs
- You Have Control
Policy is not directly linked to your mortgage, so you will not need to re-qualify if mortgage is changed
- Beneficiary is Paid First
Beneficiary will have choice to pay more urgent expenses if need be
- Risk is More Personalized
Based on each individuals personal lifestyle choices and health
- Pay Level Premium for Level Benefit
For more information on purchasing an individual Life Insurance Policy, please contact:
Kirstin Rondeau
208 Central Avenue North
Swift Current, SK, S9H 0L2
kirstin@wwsmith.ca