1-888-451-6133 [email protected]
 

When taking out a mortgage with a lending institution you should cover off that debt with an insurance policy. Not all coverage options are created equal. Let’s look at the highlights of the two options available to you. Individually Owned Life Insurance vs Mortgage Insurance.

 

Control

Individually Owned Term Life Insurance You own the coverage and choose who receives the death benefit
Mortgage Insurance from lender The lender owns the policy and they are the beneficiary

 

Guaranteed Premiums

Individually Owned Term Life Insurance Your rates are guaranteed for the life of the policy
Mortgage Insurance from lender Mortgage insurance rates are not guaranteed and can increase

 

Portability

Individually Owned Term Life Insurance Coverage remains intact if you switch lenders
Mortgage Insurance from lender You need to reapply for coverage if you move lenders

 

Level Coverage Amount

Individually Owned Term Life Insurance Coverage amount stays the same even as your mortgage decreases
Mortgage Insurance from lender Coverage declines as your mortgage is paid off. Premiums stay the same

 

Comfort

Individually Owned Term Life Insurance Underwritten at the time of application.
No surprises at the time of claim
Mortgage Insurance from lender Underwritten at the time of death

 

Reach out to us today if you want to explore the benefits of individually owned life insurance.

 

 

If interested in learning more,
Don’t hesitate to reach out to us today.
CFS Wealth 1-888-451-6133 or fill out our contact form.
Let’s make sense of it all!
 
Follow us on social media to keep up with future updates! ⬇
Share this on social: