Mortgage Life Insurance – Protect yourself Not your Bank!
There’s an alternative to mortgage insurance.
It’s become routine. Secure a mortgage with any lending institution and most likely you’ll be asked to buy a life or critical illness insurance policy, or both, to protect your mortgage.
What the lender is really asking you to do is protect their company. The coverage is designed as creditor protection and the benefits would be used only to pay off any remaining mortgage balance – no matter what other needs you may have.
Prior to accepting mortgage insurance, you should know that you have other options. Protecting your mortgage with an individually-owned term insurance plan, offers you and your family better guarantees and greater choices. Quite simply, an individually-owned term insurance plan provides better value, more flexibility and in most cases costs less.