Protect your family,
not your bank
When it comes to protecting your mortgage you have a choice. Before you say yes to mortgage insurance, consider a product designed to protect you and your loved ones – not your lender!
When you receive the commitment letter from your lender, they will offer to provide you with mortgage insurance. This may seem convenient but before you say yes, you should know that you may have better options available to you. Protecting your mortgage with an individually owned life and living benefits plan offers you and your loved ones better guarantees, more flexibility, more options, and in most cases a much better price.
Life insurance should work for you... not your lender
Life Insurance to protect your mortgage
Typically when switching mortgage providers for better terms or rates, you will need to re-apply for mortgage insurance as it won't be transferable.
Your insurance policy would not be tied to the bank and would stay in force regardless of the lending institution you choose.
With typical mortgage insurance, the lender owns the policy and assigns itself as the beneficiary.
You own the policy and choose the recipient of the insurance benefit tax-free.
Mortgage insurance is known to have declining coverage as the balance of your mortgage is paid down while the premium charged stays the same.
Your coverage amount remains intact even as your mortgage balance decreases.
Peace of Mind
Mortgage insurance is usually underwritten at the time of death.
Your coverage is fully underwritten at the time of application to avoid any surprises at time of claim.
The typical mortgage insurance product charges a higher premium and the rates are usually not guaranteed.
Your rates are guaranteed for the life of the policy – its right in your contract
Mortgage insurance products are issued by STANDARD health age banding and coverage offered will not always protect the whole mortgage
Your life insurance policy will be fully underwritten and take your healthy lifestyle into consideration, offering you the lowest rate possible while also providing you with much higher amounts of coverage if necessary.
Living Benefits Mortgage Protection
Control & Flexibility
Similar to the life insurance portion, the average living benefit/critical illness product is owned by the lender. The benefit would be paid directly to the lender and will only cover the mortgage payments for a short period of time upon satisfying the requirements of a claim.
Your individually owned critical illness policy or rider would be paid directly to you tax-free to be spent as you see fit. You would also select the amount of coverage to be purchased based on your very own specific situation.
For example - Protecting your lifestyle and income while also considering the means to support your full recovery.
Control & Flexibility
The typical mortgage disability product is also owned by the lender which means that the benefit is paid to them directly.