How Often 2 Year Old Gets Sick In A Year Reasons to Avoid Mortgage Life Insurance

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Reasons to Avoid Mortgage Life Insurance

Here’s why you should consider owning independent life insurance (or term life insurance) versus mortgage insurance (lender’s insurance) sold by a bank:

1. Post-underwriting – Bank insurance is taken out additionally. Companies investigate eligibility AFTER application is submitted; i.e. you can pay premiums for years and in the event of a tragedy, your loved ones may find out that you didn’t qualify for insurance at all.

2. Costs – Mortgage life insurance, with less features and flexibility, often costs MORE than homeowner’s insurance.

3. Portability – If you buy coverage from your lender, it may disappear when you refinance, but with a new lender, it will require a new policy based on your age at the time. Just as you want to avoid becoming dependent on your employer’s life insurance if you change jobs, you should also make sure your insurance doesn’t lapse just because you found a better mortgage.

4. Named Beneficiary – The proceeds, should something happen, go to your loved ones. Mortgage insurance plans purchased through a bank will automatically pay off your loan no matter what your family’s situation is after your death. An individual life insurance policy allows you to name your spouse or children as beneficiaries, giving them the flexibility to pay off the mortgage when they feel the time is right.

5. Diminishing benefit – As mentioned above, the lending policy of banks is a declining advantage, i.e. the advantages can disappear before the eyes. Mortgage insurance benefits gradually decrease in an effort to match your decreasing debt balance (decreasing payments). These plans are like a bandwagon, you can move to a bigger house with a bigger mortgage, but the death benefits still keep shrinking. Buying individual life insurance puts you in the driver’s seat, allowing you to reduce your benefits as you see fit or maintain a certain level for life.

6. Convertibility – In most cases, an individually owned term insurance policy will allow the conversion of the insurance policy without medical treatment into a permanent (lifetime) solution. Creditor insurance held through a bank does not provide this benefit, which is especially important if a person becomes ill and can no longer qualify for coverage.

7. Preferred subscription – an independent pre-underwritten policy allows the insurer to determine if you qualify for ‘preferred’ rates which will reduce premiums even further

8. Consolidation of benefits – by combining mortgage insurance with other insurance needs such as income replacement, childcare, education, etc., you will benefit from savings on multi-policy fees and tiered discounts (usually insurers discount in 250,000 policy bands) along with the ease of understanding how much coverage you have in one place. You can only insure the mortgage with the bank.

9. Discussed with a licensed insurance professional – Most bank employees who sell credit mortgage insurance are unqualified and do not have a life insurance license. Licensed professionals shop the market

10. Shop the market – buying independent life insurance from a licensed broker allows you to shop the market to find the best possible deal from a wide range of insurers. Banks often only work with 1 insurance company to provide a unique solution. In addition, licensed professionals are responsible for selling based on a needs-based approach and can accurately assess your needs.

Finally, when you’re looking at life insurance, don’t forget to consider disability and critical illness insurance in case you’re unable to pay your mortgage due to a serious illness or injury.

Contact a local independent life insurance professional to review your options.

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