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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!
10 reasons never to buy it from your bank!
Why avoid the bank’s critical illness insurance?
When you arrange a mortgage with your financial institution, you are offered to buy critical illness insurance with your mortgage. This benefit will pay off your mortgage should you be diagnosed with a critical illness that satisfies their policy definitions and requirements.
Here’s why you must say “no” to the bank:
- You do not own the policy. They control your policy and the coverage you receive.
- They can cancel your policy at any time, without your permission!
- They can raise your premiums at any time, without your permission!
- Your coverage terminates when you refinance your loan. You will be required to re-qualify medically and your premiums will go up.
- If you switch to another bank that offers you a better interest rate upon your mortgage renewal, you lose your coverage. Your premiums will go up.
- Your coverage is decreasing while your premiums remain level. This is a very expensive form of coverage!
- The proceeds are payable only to the mortgage company. You get nothing to aid in your physical recovery.
- Most banks limit their coverage to age 65. What about the next 10 years, when you are at the highest risk? The banks win, you lose.
- Illnesses covered are restricted from 3 to 8 at best.
- Most loan officers are not licensed to be insurance agents. They cannot, by law, provide you with insurance advice as they are not trained or qualified.
Here’s why you should buy a personal plan instead:
- You own your policy. You decide the coverage you need.
- Only you can cancel your policy at any time.
- Your premiums are guaranteed in writing not to change.
- Your plan is portable. You can refinance your mortgage at any time. Your plan stays intact and your premiums don’t go up.
- Proceeds are payable directly to you. Pay down debt, mortgage, and out of country medical treatments.
- You choose the length of coverage: 10, 20 years; to age 65, to age 75, or to age 100!
- Obtain coverage of up to 25 illnesses.
- Benefit from our experienced and licensed independent brokers who will help you to find the best solution.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with families and individuals that are looking for a trusted advisor to help them with their Critical Illness Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!