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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
Are you protecting your family or your lender?
If you’re like most Canadians obtaining a mortgage is likely the biggest financial decision you may ever have to make. With it comes a tremendous responsibility and the largest debt you will probably ever carry. That’s why it’s so important to make sure that your family and assets are protected in the event of an unexpected illness, injury, or death. But take great caution when choosing your insurance protection as not all coverage is created equally. With life’s most valuable things at stake, it’s imperative that you receive qualified insurance advice from a licensed expert, and not just from your bank representative or mortgage broker.
Have you ever asked yourself….“What would happen to my family if something ever happened to me?…..could they still afford to stay in our home, or would they be forced to move?” If you haven’t taken the time to ask yourself this important question, now is the perfect time to start.
Mortgage insurance from your bank or mortgage broker may be the worst financial decision you will make in your entire life. Watch the disturbing investigation done by CBC Marketplace, to find out why you should definitely SAY NO to your bank or brokers Mortgage Insurance!
CBC Marketplace: In Denial – The Dangers of Mortgage Life Insurance!
CBC’s Marketplace is a penetrating look at consumer misdeeds in Canada. But one of the worst stories they ever ran into was mortgage life insurance offered by banks and mortgage brokers. There were over 260 comments on the story. Click here to read some of the disturbing comments from the CBC investigation:
MORTGAGE INSURANCE VS LIFE INSURANCE:
When it comes to choosing the insurance coverage you’ll be counting to protect your home and family, you really only have two options to choose from – Mortgage Insurance or Life Insurance.
Mortgage insurance: (often referred to as Mortgage creditor insurance) is available only through your bank representative or mortgage broker, both of which have no life insurance licenses or any kind of professional training on providing qualified insurance advice. This type of insurance coverage is sold usually as an afterthought while signing your mortgage documents, and is unfortunately designed to protect your bank or lender much more than it does your family.
Life insurance: on the other hand is only available through a Life Insurance Agent that has earned a license with the Financial Services Commission of Ontario (FSCO), and is therefore properly trained to give qualified insurance advice. With an overwhelming amount of life insurance policies being offered today, a licensed insurance agent can provide you with a variety of coverage options and policies to choose from, based on your specific short and long term goals.
Did you know that you are not obligated to buy mortgage life insurance from your bank or mortgage broker?…Replace it now with a personally owned life insurance policy.
At F1RST CHO1CE Financial Group we’re passionate about sharing our knowledge, experience and unbiased opinions with families that are looking for a trusted advisor to help them with their Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!