Mortgage Solutions

8 Good Reasons Why You Should Not Buy Mortgage Insurance From A Bank

Before you say yes to mortgage insurance from your bank you should know that you have other options. Protecting your mortgage with an individually-owned term insurance plan, offers you and your loved ones better guarantees and more choice.

Quite simply, an individually-owned term insurance plan provides better value, more flexibility - and in most cases - a lower cost.

 
Barrons
Most Lenders
If I pay the premiums, do I own the policy?
Yes
No
Is the coverage guaranteed?
Yes
No
Can you name a beneficiary other than the bank?
Yes
No
Can I do something with the insurance proceeds other than pay off the mortgage?
Yes
No
Do I get a special rate if I'm in great health and don't smoke?
Yes
No
Can I keep my insurance if I pay off my mortgage?
Yes
No
If I change banks to get a better rate can I keep my insurance?
Yes
No
Can I convert my policy to permanent insurance if I become uninsurable?
Yes
No

Barrons has a variety of Life Insurance solutions that can be used to protect the investment in your home.

Learn how Critical Illness Insurance can be used to protect your home.