Insuring your mortgage.
Protecting your family, or protecting the bank.
Insurance solutions built on understanding.
If you’re a homeowner with a mortgage, you may have accepted the mortgage life insurance offered by your bank. This is an important first step in acknowledging your need to protect your loved ones. However, make no mistake – this coverage is designed by the lender to protect the lender. Many clients think this coverage is sufficient without knowing the areas in which this coverage falls short.
Did you know there is a better life insurance solution available without these shortfalls, and it’s typically less expensive?
It’s called Term Life Insurance.
Bank Mortgage Life
Term Life Insurance.
Coverage Payout Amount
Coverage is not guaranteed because it's not medically underwritten prior to being issued. The claim could be rejected.
Coverage is guaranteed because it's medically underwritten prior to being issued.
Typically more expensive.
Typically less expensive.
The bank owns the policy and they are the beneficiary.
You own the policy and you choose the beneficiary.
The payout amount declines, only paying off the mortgage at payout.
The payout amount remains consistent, allowing your family to pay off the mortgage and use the remaining funds for other important expenses.
As you can see, Term Life Insurance is more advantageous in every category.