Specialized Benefits

Picking up where we left off….

PORTABILITY – If you go to renew your term on your mortgage and you go to a different lender – you have to reapply for your mortgage insurnace – plus you are older so likely you rate will increase. With your own personal policy – you take it wherever you go!

CONVERTABILITY – Whether you are 20 or 100 there are always costs associated with your passing away. From funeral expenses, oustsanding loans/lines of credit, to estate taxes and passing something on to the next generation – having permanent life insurance is the best way to take care of these costs because all benefits from a life insurance policy are passed to a beneficiary tax free. With personal term policies you can convert some or all of your coverage to permanent insurance – WITHOUT A MEDICAL! A bank’s policy will only cover you for the duration of the mortgage.

REFINANCING – If you purchase a larger home down the road – the bank may forfeit your current policy and make you reapply entirely for a new mortgage insurance policy. With your personal policy – you keep the coverage in place and only apply for the extra coverage that you need.

A recent example was one client (couple) who was paying $310 per month for 2 mortgage insurance policies – the same coverage on their own personal policy came in at $225 – a savings of $1000 per year! That extra money can be used to pay down the mortgage quicker – or can be added to their Tax Free Savings Account. Never mind all of the other benefits such as the ones above.

Another example was one fella who was looking at $450k mortgage insurance from his bank. But for the same price I was able to secure him $700k of insurance. This extra $250k will be very handy for his wife and children should something unexpected occur to him in the future.

These are just some examples of clients who I have worked with and saved money and provided better protection.

Should you have any questions about your mortgage insurance – I encourage you to contact  me and I will be more than happy to do a no obligation quote.

Cheers!

Rhett

This entry was posted on Monday, September 21st, 2009 at 1:06 pm and is filed under Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.