Mortgage Insurance
Before you say yes to Mortgage Insurance, consider a product designed to protect YOU and your loves ones and not your lender.
When you’re approved for a mortgage, your lender offers you the mortgage insurance. It may seem convenient at first, but you should be aware that there are other options. You can protect your mortgage with an individually owned term insurance plan. The Family Term provides better value, more flexibility and in most cases at a lower cost. Check below the different features protecting your mortgage using Family Term Insurance vs most lenders’ mortgage insurance.
Facts vs Myths and FAQs
With the Family's Term, do I own the policy and I can set my own beneficiaries ?
Yes, you own the policy and you can name your own beneficiaries. With most lender’s policies, the lender is the beneficiary as they own the policy.
The coverage of Family Plan is flexible.
Yes the coverage with Family plan is flexible as opposed to the policy with the lender institutions where you cannot alter the amount, renew the policy or change the policy details without terminating the policy/paying off the mortgage.
My beneficiaries cannot use the funds to pay off other liabilities with lender's mortgage insurance ?
It is true that with lender’s mortgage insurance you cannot payoff other liabilities as the payout goes directly to the bank. But with the Family plan, the benefit goes directly to your beneficiaries and they can decide how to best use the funds.
Will my premium be lower if I don't smoke or stay healthy with Family's term ?
Yes, the premiums with the Family’s Term are based on your age, health, and smoking status. The premiums of the lender’s mortgage insurance are the same as it is group insurance.
Other Insurances
PROPERTY INSURANCE
GROUP INSURANCE
FUNERAL INSURANCE
Put Yourself & Your Family in Good Hands
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