Mortgage Insurance:

News from 2012

What Is Mortgage Life Insurance?

Mortgage life insurance is insurance that can be purchase from a lending institution. The insurance pays your mortgage in the event that you pass away. Mortgage life insurance is very different from individual life insurance because the coverage declines each year or declines as the mortgage declines. Some additional differences between mortgage life insurance versus individual life insurance are the following: 1. The bank is the beneficiary. On an individual life insurance policy, the ...
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Seven Caveats with Bank-Owned Mortgage Insurance Coverage

Bank-owned mortgage life insurance policies offer several hidden pitfalls. The following seven are just the ones we could think of off the top of our heads: 1. The insured is not the policy owner. The bank is the policy owner. 2. The death benefit is payable to the bank, not to the insured’s beneficiary. 3. The death benefit decreases as the insured's mortgage decreases. Individual life insurance coverage can remain level, or even increase over time, allowing the beneficiary to ...
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A Mortgage Insurance Solution Through IA Excellence

IA Excellence offers a mortgage insurance solution through its Universal Loan Insurance Program. The contract is independent from creditors and the policyholder owns the coverage. The money can be used to cover all insurance loans. Unlike bank-owned mortgage insurance, the policy can be transferred from loan to loan. The coverage is suitable for mortgages, lines of credit, car leases, truck, boat, or motorcycle loans, RRSP or other investment loans. (more…)
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Desjardins Insurance Multi-Coverage Discount Option on Term Life Policies

Desjardins Financial Servicesoffers a unique, multi-coverage discount option on their term insurance lineup. Desjardins offers Term 10, Term 20, and Term 30 policies. All coverages are guaranteed renewable and convertible as well as available on a preferred rate basis for individuals who are in very good health and have a very good family health history. (more…)
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Bingham Group Services Corp: BGS Mortgage Insurance Policy

Bingham Group Services Corp. (BGS) is Canada's leading third-party administrator in the business of creating marketing and administering group creditor insurance products. BGS products are underwritten by Forester's Life Insurance Company, which is a Canadian incorporated life insurance company providing financial security to Canadians. Foresters originated in 1898 as the insurance department of the High Court of the Ancient Order of Foresters. They have been assigned an A minus ...
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