Mortgage Insurance Plans: How Good Is Yours?

Mortgage insurance, to pay off a mortgage, is something you'll inevitably be asked to take out by the bank. Mortgage insurance is necessary so that if something happens to you or your spouse then your loan will be paid off which is good news for your family and the bank. Banks act as if doing you a favour by offering mortgage insurance through their own group plan. Are they?

Mortgage Insurance Is Probably A Much Better Deal From Any Number Of Insurance Companies.

Mortgage insurance is no different than term life insurance; in fact it is term life insurance. With either, your policy lasts for a specified period of time and pays if something happens to you or your spouse if you are both insured. The real difference is how much control you'll have over your policy and how much you'll pay for it.

Mortgage insurance offered by the bank, does not allow you to customize a policy to fit your needs and you'll be lumped together with other borrowers under a group plan. So, you will have no control over your policy. For example, through a company of your choice, such as Canada Life or National Life, you would be able to choose your own beneficiary and decide how to spend the proceeds. These options are not available with a mortgage taken from a lending institution. If the insured party dies, the mortgage loan is completely paid off, even if you need some money for other things.

Additionally, the bank has the right to not renew your policy and to cancel the policy when you sell the house. Do you want to give up this control as now you may have become uninsurable?

MORTGAGE INSURANCE COSTS MORE FROM A BANK

Your own premiums will not go up in the life of a 20 year policy so you would pay the same premium today that you'd pay ten years from now. You won't get that same guarantee from a bank which can increase your premiums during the life of the policy. In addition, you could pay as much as 40% more right now than if you shopped around and found your own insurance provider. Not to mention that the policy you take out through your bank will gradually decrease in face value while a plan you select from an outside source will have the same face value during the entire policy period.

Of course, many people don't mind paying more for their mortgage insurance because it's more convenient than dealing with insurance agents. But the truth is that you can easily find a policy that fits your needs and provides affordable premiums via the Internet. An organization, such as The Hughes Trustco Group, can generate quotes for you from all the providers so you'll know that you're receiving the best deal possible on the policy you want.

Mortgage insurance is important and should be part of your home buying or refinancing preparations, but that does not mean you need to pay more or let the bank make important decisions for you. Instead, you should find your own personal plan at a company that you choose which will let you stay in control of your policy and will save you money in the long run. You can get a quote right here at Mortgage Insurance.

Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001
Email: info@trustco.ca
Web: http://www.hughestrustco.com

In The News:


pen paper and inkwell


cat break through


Six Crucial Insurance Claim Possibilities

There are DOZENS of insurance claim possibilities which will increase... Read More

Tips On How To Save When Buying Car Insurance

If you want to save money when you purchase your... Read More

Health Insurance for the Beginner

When it comes to your family, selecting the right health... Read More

Cheap Health Insurance - Health Insurance for The Self Employed

If you're self employed, you may think of health insurance... Read More

Why Boats Are A Pleasure... But You Still Need Boat Insurance

One of the greatest pleasures that a man can have... Read More

An Annuities Primer

Though popular among today's aging Baby Boomers and members of... Read More

How To Best Handle Health Insurance Plan Changes

Many economists have suggested and recent economic data indicates that... Read More

Term Life Insurance - Buy Term and Invest the Difference!

The phrase "BUY TERM AND INVEST THE DIFFERENCE" evolves around... Read More

Are You Overpaying On Your Home Insurance Policy?

For many consumers the cost of daily living is becoming... Read More

Do I Need Travel Insurance?

In the United States health insurance, unlike many other countries,... Read More

Tips for Choosing a Life Insurance Company

More than 150 insurance companies offer thousands of life insurance... Read More

Finding Term Life Insurance Online

What exactly is Term Life Insurance?Term life is a form... Read More

How Will an HSA Save Me Money?

The Health Savings Account (HSA) is a tool to help... Read More

The Best Rates on Life Insurance

Finding the best rates on life insurance is not difficult... Read More

The Life Insurance Policy and What You Need to Know Before You Buy

Are you looking to buy a life insurance policy? Well,... Read More

Insurance Adjusters How They Work And How They Think

Here comes the insurance adjuster. Is he overly friendly? If... Read More

Choosing Long-Term Care Insurance

A little over sixty percent of the folks who reach... Read More

Cut Business Insurance in 8 ways

1. Comply with recommendations from company engineers and loss control.... Read More

A Life Insurance Quote Became Reality

Life insurance quoteThank goodness John took his life insurance quote... Read More

Finding California Truck Insurance

It's very easy to find California truck insurance on the... Read More

I Was In An Accident, Will My Car Insurance Rates Go Up?

You were on the phone, got distracted and before you... Read More

Insurance Credit Scoring: An Ethical Issue

The issue at hand is the use of a consumer's... Read More

Life Insurance No Medical Exam - Is It Really Possible?

Quite often you feel that an ad for life insurance... Read More

What is Home Insurance?

Home Insurance is designed to provide you with financial protection... Read More

Choosing the Best Life Insurance Option for You

Life insurance in the UK is becoming more and more... Read More

Disability Insurance For The Long Term

Disability insurance covers you for an extended period of time.... Read More

Insurance Glossary of Terms

Assured - Those insured under the terms of an insurance... Read More

Risk Retention Groups RRG

In response to a hard insurance market in the mid... Read More

How to Reduce Car Insurance Premiums

Here are some useful tips on how to reduce car... Read More

Cheap Health Insurance Rates and Personal Health Insurance

If you've been out of school for a couple of... Read More

5 Steps To Cheap Car Insurance Premiums

Although car insurance is compulsory, it's not necessary to pay... Read More

How To Get Cheap Whole Life Insurance Quotes

Whole life insurance quotes the most expensive kind of policies... Read More

Health Insurance And Insurance Brokers

If you are in the market to purchase your own... Read More