There are many reasons why a term life policy is a better choice:
- Premiums – with mortgage insurance, there are no discounts for being a non-smoker or for being healthy, everyone pays the same premiums.
- Underwriting – mortgage companies use “post-claim” underwriting, which means they’ll only decide if you qualify after a claim is made, at which point they may decide that you never qualified.
- Declining Benefit – Mortgage insurance declines as you pay off your mortgage but the premiums remain the same.
- Beneficiary – With mortgage insurance, the beneficiary is the bank, with personal term insurance you assign the beneficiary.
- Portability – Mortgage insurance is tied to your home. A simple term policy is portable and covers you regardless of who your mortgage is with.
- Consolidation of coverage – Mortgage insurance only covers your mortgage, a personal term policy can cover all your insurance needs (mortgage, income replacement, education, childcare etc)
Understand more about term life insurance:
- Term life insurance provides simple and affordable protection for a defined period of time when insurance needs are high but available funds are limited.
- In the event of your death, the policy pays a cash benefit, tax-free, to your beneficiaries.
- The costs will never increase for the entire term.
- Ideal for people who want to ensure debts, like mortgages or loans are paid off, childrens education needs are met or to replace a loved ones income if they were no longer able to support their family.
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term life insurance. 1.844.390.8228