is important to have insurance to protect your mortgage
Most households require two incomes to qualify for a mortgage. And the banks
know that if one spouse dies then it will be almost impossible for the surviving
spouse to make payments. Or, if you suffer from disability and with the lost
income and increased medical bills resulting from your illness you could
lose your home because of your financial inability to pay the mortgage payments.
If your home goes into foreclosure there will be accelerated interest payments,
prepayment penalties, thousands of dollars lost to a 'forced sale' proceedings
and untold stress. To protect your investment in your home and your sanity
you must have insurance coverage.
feel obligated to buy insurance from your bank.
Often when one goes to
a bank for a mortgage you may feel obligated to purchase
insurance coverage to cover their mortgage payments or
loan due to a death or disability. The loans officer may
promote creditor life or disability insurance that has
many restrictions. Sometimes you may feel that if you don't
buy creditor insurance coverage from the bank you may not
get your loan. But, did you know that you are not obligated
to buy insurance from the financial institution that gives
you a mortgage? Did you know that it is against the law
to tie the sale of insurance coverage with your loan? It
is true. It is an unlawful practice and no financial institution
should use such pressure. In fact, there are laws to protect
your right to keep your insurance separate from the bank
is better to buy insurance separate from the bank, trust
company or credit union. There are 5 reasons why you
should use separate insurance that we call the Mortgage
Q. What are the main
advantages of the Mortgage Insurance Program?
A. Here's the TOP FIVE list of advantages:
Coverage portable from one property to another or from one lender to another.
This is unlike almost all other creditor insurance programs.
· Versus other lender products - WE ROCK! We are extremely competitively
priced (non-smoker rates are best in the market)
· Versus other other term products - level term life premiums up to 2 ½ times
as expensive over 25 year coverage period. And our premiums stay level for the
duration of coverage unlike others where premiums increase every 5 or 10 years.
· Coverage is automatic on mortgages up to $200,000 and with answers of "no" to
health questions on the application form
· Range of coverage options including Life with Disability and Critical
Illness riders (Critical illness coverage not available from most lenders);
· The Mortgage Insurance Program can insure up to four parties to
the mortgage loan
· Have option to obtain either coverage prior to mortgage closing date
or free accidental death until the mortgage closing date
· Lump sum coverage reductions available
· Partnered with the largest Insurer in Canada - Great-West Life - client
can have confidence in the insurer's brand.
· Committed team of GWL representatives provide toll free customer service
to both clients and brokers
· Broker kept informed of application receipt and final decisions made,
and communicated, to the client
Call Greg Today!
Toll Free 1-866-658-0492
Have your questions about mortgages answered today!