The Perils of Mortgage Life Insurance: An Insurance Comic That’s Not Very Funny
Here is our comic about mortgage life insurance. Unfortunately it's not all that funny. Life insurance is no laughing matter.
It's the true story of one young couple's experience with mortgage insurance at their bank before they came to see us.
Fortunately, they got good advice before they signed the bank mortgage life insurance contract. If you are already too late, there are sometimes ways to leave the bank insurance and get an independent policy of your own.
To see the comic frames full screen just click any one of them and you can go leaf between them at 1000px width (hint: you can read the bubbles easily).
How people start the mistake of buying mortgage insurance
from their bank instead of independent life insurance:
finding the house.
The banker will play on your nerves with pleasure when you
making the big investment of buying a house.
The banker's pleased and you're paying another odd $100/month.
At least you think you have peace of mind.
If you're lucky, like our clients, you'll have a good friend
like Paula who knows the risks of mortgage insurance.
He will meet with you and go over your insurance options:
there's many possibilities for life insurance which will
allow you to meet your beneficiaries to meet their
mortgage obligations and which cost a lot less than
bank mortgage insurance.
With personal life insurance you carry a constant and higher
death benefit than with mortgage insurance.
Best to get the medical NOW before you get sick or die
and the bank invalidates your coverage and leaves
your loved ones destitute.
Once your eyes open to the lower premium, better quality
personal life insurance, it's hard to even consider buying
An independent insurance broker is on your side, not that of the bank
or the insurance company. A good one builds their business on happy
clients and referrals so making sure you get the best deal out there
is their driving motivation. Doing hundreds of deals/year, he or she
knows all the tricks of the big companies, knows how to read
the fine print in their contracts and can protect you.
If you'd like to run calculate how much life insurance you need to cover your mortgage, try our mortgage life insurance calculator. If you'd like to get a quote on your life insurance needs from the top 14 companies in Canada, try our term life insurance calculator.
If you'd like some personal advice on your own situation, call us in our office at 905.248.4849.
If it's too late in your case and you are a beneficiary and are having trouble with a claim on bank mortgage life insurance, we even offer free consultations with one of Canada's best insurance legal teams.