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
The best judge of Total Disability and/or Partial Disability is... Read More
Auto Insurance rates are a complicated business. Have you ever... Read More
In most cases, private health insurance comes through a person's... Read More
Pet Health Insurance can give you the peace of mind... Read More
Finding good car insurance can be very difficult. Here are... Read More
The Life Settlement market is all about providing due access... Read More
Many people ask, "If I am supposed to get a... Read More
If you and your family relocate overseas, one of your... Read More
The Health Savings Account (HSA) is becoming well-known as an... Read More
Let's be realistic, everyone needs to have auto insurance. Aside... Read More
A recent survey took the most popular type of home... Read More
By searching online for life insurance, you can get a... Read More
Critical illness can happen to anyone, and often does. If... Read More
Life insurance in the UK is becoming more and more... Read More
Here is a useful guide to life insurance. Simply put,... Read More
Thank goodness the internet age has arrived helping us to... Read More
Insurance is an important part of our lives. If you... Read More
Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance... Read More
When you want to purchase a life insurance policy, you... Read More
Insurance is always a gamble, a bet actually.You are betting... Read More
This "How To" article is crucial, up-to-date information concerning what... Read More
For may young drivers, affording the costs of motor insurance... Read More
Term life insurance quotes are rarely a concern of single... Read More
Naming a beneficiary for your life insurance policy can be... Read More
Regardless of what some people might think, medical insurance will... Read More
Over the course of the last ten years, car insurance... Read More
Accidents, personal injuries and insurance claims are here to stay.... Read More
When it comes to your family, selecting the right health... Read More
The changing healthcare and health insurance landscape in the United... Read More
Following on from the tube train and bus bomb attacks... Read More
For once finances seem to be going in favour of... Read More
The communities of Exmouth and Moora in Western Australia don't... Read More
It has become increasingly difficult to get young driver car... Read More
If you want to save money when you purchase your... Read More
Filing a homeowners insurance claim can be done with ease... Read More
While there are genuine debates about whether privatized health insurance... Read More
A "Life Settlement" is a lump sum settlement paid to... Read More
Accidents, personal injuries and insurance claims are here to stay.... Read More
When you are looking for an automobile insurance quote, the... Read More
A little over sixty percent of the folks who reach... Read More
A word of warning about Credit card repayment protection schemesThe... Read More
Some business relationships are forged through blood and friendship. When... Read More
Thank goodness the internet age has arrived helping us to... Read More
Whether you are looking for car insurance in Canada, the... Read More
Renter's insurance is protection intended for anyone who rents an... Read More
Term life insurance quotes are rarely a concern of single... Read More
If you've read any of the books or articles by... Read More
Auto insurance rates can be quite expensive. If you are... Read More
Gone are the days of the cinder block and wood... Read More
Everyone is searching for a way of cutting costs, a... Read More
If you decide not to do a car insurance comparison... Read More
Most of us don't like thinking about our own funerals,... Read More
Many economists have suggested and recent economic data indicates that... Read More
Insurance is meant to give homeowners peace of mind, but... Read More
Your friendly, neighborhood life insurance agent is most likely to... Read More
Do you consider the cost of insurance before you buy... Read More
To answer the question "is purchasing travel insurance smart?" let's... Read More
An automobile accident can be a terrifying event for anyone,... Read More
Adequate life insurance to cover your income producing ability is... Read More
There are 6 different types of homeowners insurance in general... Read More
Ever thought about how to save money? Sure you have,... Read More
Several key changes are necessary to get control of the... Read More
Part and parcel of establishing your own photographic business is... Read More
If you're a recent college graduate, or in between jobs,... Read More
Health insurance plans have changed dramatically over the past ten... Read More
Forcible and violent entry (f&ve) is the terminology used within... Read More
Insurance |