Mortgage Insurance - Not Always A Sure Thing

If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you. It’s meant to offer peace of mind and to reassure you that your family will be able to stay in your home if anything should happen to you.

Now for The Dirty Little Secrets!

The reality falls a little short of that. In the C.B.C Marketplace investigation (see the full video in our Videos Section), we meet two families who bought the coverage and thought they were protected, only to have their claims denied when they became sick or died. In each case, the insurer said the applicant person had lied on their initial application form.

It turns out a routine test at the doctor could be reason to deny your claim, if you don't mention it. Had a cuff inflated on your bicep? That counts as being tested for high blood pressure.

As Erica Johnson reports, the bank staffers selling mortgage insurance are unlicenced and rarely trained to explain the details and legalities of those insurance products. The result is people who pay premiums and think they are covered, only to realize later that they are not.

To assure yourself that your Mortgage Insurance will payout for you, after you have been paying premiums for the Mortgage Insurance benefit, please contact us at 1-866-341-3220 and ask for the eye-opening report that suggests that many claims will be denied rather than paid as you initially thought.

Contact Name Contact Phone Best Time To Call Email Comments

 

Individually written Mortgage Life Insurance  underwritten by an Independent Life Insurance Company (rather than the Bank) at time of application can also deliver a less expensive premium and a level benefit for the same amount of coverage.

In some provinces, but not all, the rules have been changed and banks have had to take a totally different approach to marketing their “mortgage insurance”.

Don’t be fooled by banks offering what appears to be a guaranteed insurance product just because you said you were healthy. It is important to know that the insurance you will be paying for will pay a benefit if the insured person dies, and without a hassle.

Complete a quotation by filing in the information below and speak to a broker who will give you the best approach to the type of life insurance plan that will best suit your requirements now.

Contact Name Contact Phone Best Time To Call Email Comments

 

Mortgage Insurance is term life insurance used to reduce or pay off a mortgage. The same could be used for a line of credit or any other debt or financial responsibility you may have.