In our latest video, we talk about the best way to purchase mortgage insurance, outlining the difference between purchasing this from the bank and us.
Before buying insurance from your bank to cover your mortgage, please consider your options.
What does the insurance cover?
● From the bank: only the balance of your mortgage
● From us: whatever you need it to cover such as debts, line of credit
What happens as my mortgage balance decreases?
● From the bank: the coverage amount decreases as your balance decreases.
● From us: the coverage stays the same for as long as you own your policy
What if I switch banks?
● From the bank: You might lose your coverage and need to reapply
● From us: Your coverage stays the same, since it’s not tied to your mortgage
Who gets the benefit if I die?
● From the bank: The Bank
● From us: You decide who gets the insurance and how to use it, such as to pay your mortgage, medical expenses or child’s education- whatever is best for your family