|
Question |
Insurance Broker |
With the Banks |
|
I pay the premiums so do I own my policy? |
Yes. |
No. |
|
Do I have flexible options of coverage? |
Yes. We tailor specifically to your needs and budget |
No. you are insured for only the declining amount of the mortgage |
|
Circumstances change. If it is better for my beneficiaries to use the proceeds from the policy for something other than paying off the mortgage, will they have that option? |
Yes. Upon death the benefit goes directly to beneficiaries. They can decide how to best use the money |
No. upon death the benefit goes to the lender to pay off the mortgage |
|
If I am healthy will this make a difference in the amount I pay for coverage? |
Yes. The amount you pay for your mortgage is based on your age, health, and smoking status. |
No. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else. |
|
Is my coverage guaranteed? |
Yes. The premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy. |
No. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time. |
|
Should I become injured or sick can I get more disability coverage than the amount of my mortgage payment each month? |
Yes. We can choose coverage to protect your income, not just your monthly payment. |
No. Banks will only cover up to the monthly amount of the mortgage. |
