Independent mortgage insurance advantages:
Level Death Benefit
You Own The Policy
Move your policy with you
You pre-qualify for insurance
Is It Expensive?
Further benefits about using Life Insurance as Mortgage Insurance

Purchasing a home can be a dream come true. Getting the right mortgage insurance can protect the dream!

If you are like many people, purchasing a home is one of the biggest investments you will ever make and one you will want to protect. When you arrange your mortgage, your banker will likely ask you to consider using the bank's mortgage insurance. While this insurance is certainly preferable to none at all, you do have better options.

Independent mortgage insurance has many advantages over traditional bank insurance including:

Level death benefit
Your bank insurance will likely cover only the balance of the mortgage (regardless of how much you have paid on your original mortgage). Your personal insurance stays at the same level for as long as you own the plan. If your insurance was originally $500,000, it remains at $500,000.
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You own the policy

Under bank-owned insurance, the master policy is owned by the bank, not you. With personal insurance, the bank can never cancel or change your insurance. You choose the beneficiary, and only you can make changes to the policy or cancel it.

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Move your policy with you
If you change banks or even homes, your policy goes with you and you can choose from a selection of policies that do not require you to re-qualify.
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You pre-qualify for insurance
With the bank's insurance, you may find yourself in the position of having to qualify when you are trying to claim, or they may demand to check your application (this could take years to settle). With personal insurance, all qualifications are done in advance, assuring you that your policy will be paid out when you need it most.
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Is it expensive?
In almost every case we can offer a broader range of benefits at a better price than any bank.
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Can you afford not to protect your investment?

True Life Scenario

When D's husband passed away in 1999,the last thing she was thinking of was her mortgage insurance. About 10 days into her grieving, she discovered that the bank was not going to pay out on the mortgage insurance. The insurance carrier had checked medical records and found that D's husband had sought medical advice for unrelated problems.

D recalled that, when they remortgaged 11 years prior to her husband's death, the bank loans officer asked them only one question, rhetorical in nature, regarding their mortgage insurance: “You're obviously in good health?” The loans officer then proceeded to fill out the form on behalf of D and her husband.

Since the bank employee was not a licensed insurance agent, D had no recourse but to wait for the bank to let her know if and when they would pay any monies. Months later, after intense and heated negotiations with the bank, they finally agreed to pay the original amount prior to the remortgage. This left her with a fixed income and a mortgage to pay.

The lesson? With bank mortgage insurance, you are qualified at time of death. With Life Insurance as Mortgage Insurance, you are qualified at the time of application, thereby removing any question of payout at death (except in the case of fraud). Read on for further exciting benefits of using Life Insurance as Mortgage Insurance.

Life is already uncertain. Don't leave this up to chance!



Further benefits and important facts about using Life Insurance as Mortgage Insurance:
1 If the face value of your policy ( the amount you applied for) is $200,000, this is the amount that will be paid out on death. If your mortgage has been paid down to $120,000, you will still have $80,000 remaining to do with as you wish.
2 With independent life insurance as coverage for your mortgage, you qualify, with medical testing, at the time you apply. Then, when you or your beneficiary claims on the policy, there is no need to qualify.
3 Once you have purchased the Life Insurance Policy as Mortgage Insurance, you are the owner of the policy. Only you can cancel it or request any changes.
4 You may choose your beneficiary. And, at death, your beneficiary may decide what purpose the money is best suited for, including more lucrative investments.
5 If you and your spouse are covered for $200,000 each in your individual names, the benefit would be $400,000 rather than the remaining value of the mortgage, in the unlikely event of simultaneous death.
6 For those with excellent health there is a preferred rate, making this product even more valuable.
7 There is a wide selection of companies offering policies that you can take with you when you move houses or banks.
8 Most companies offer an option to convert to a permanent plan of insurance should you wish to do so.
9 There is no PST payable on personal coverage.
10 If you pay your mortgage off, you may keep the policy, convert the coverage or cancel. This is your choice.
11 Various riders and options allow you to customize your policy to fit your needs and lifestyle.
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Call us for a comprehensive quote. Let us custom design your mortgage insurance!

301-1111 Blanshard St.
Victoria, BC V8V 4A3
Tel: 250 995 2274 Fax: 250 995 2254

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