Home Owner Protection Plan
When buying a Home the smart strategy is to purchase…
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a policy that protects your family and not the financial institution
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a policy that premiums and benefits can only be changed by you
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a policy that only you can cancel this policy
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a policy that when you pay out, transfer or sell your home your policy can transfer with you
Here is a comparative analysis when working with our in house insurance broker versus the banks.
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Question
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Insurance Broker
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With the Banks
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I pay the premiums so do I own my policy?
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Yes.
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No.
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Do I have flexible options of coverage?
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Yes. We tailor specifically to your needs and budget
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No. you are insured for only the declining amount of the mortgage
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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?
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Yes. Upon death the benefit goes directly to beneficiaries. They can decide how to best use the money
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No. upon death the benefit goes to the lender to pay off the mortgage
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If I am healthy will this make a difference in the amount I pay for coverage?
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Yes. The amount you pay for your mortgage is based on your age, health, and smoking status.
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No. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else.
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Is my coverage guaranteed?
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Yes. The premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy.
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No. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time.
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Should I become injured or sick can I get more disability coverage than the amount of my mortgage payment each month?
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Yes. We can choose coverage to protect your income, not just your monthly payment.
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No. Banks will only cover up to the monthly amount of the mortgage.
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