When you buy mortgage insurance, you do so
to protect yourself, your family, your home and your future.
But what if the protection you thought you
were providing to your family in the event of sudden illness or death wasn’t
what it seemed?
On the surface, mortgage insurance seems
like a great idea – in the event of illness or death, your spouse would have
the additional support of an insurance payout to make the mortgage payments and
keep a roof over your family’s heads. Plus, filling out the form at your bank
at the time of the mortgage signing is affordable and easy! But is it worth it?
The truth is, insurance companies notify
many people that they don’t qualify to receive their insurance payouts – even
if they’ve been paying premiums.
“How is that even possible?” you might ask.
Basically,
the ‘simple’ forms you fill out and sign at the bank are designed to be
completed with the help of an insurance agent – but agents aren’t always available
for consultation when you buy mortgage insurance from the bank.
Mortgage
brokers and mortgage professionals aren’t trained to know about the insurance
they sell.
Decreasing coverage/increasing cost is another thing to watch out for
when purchasing mortgage insurance from a bank.
When
you think about it, you’re paying the same amount every year for insurance –
but your mortgage amount keeps decreasing. That might not be a big deal, until
you find out that your payout – if you even qualify for it – is based on the
most recent, and lowest, value.
In the end, the apparent ease and
affordability of getting mortgage insurance from your bank could end up costing
you a lot more in the long run, and
not just financially.
That’s why we’re here – to help you get the
protection you want and deserve.
Come on in and leave your worries at our
door.
