Question

Insurance Broker

With the Banks

I pay the premiums so do I own my policy?

Yes.

No.

Do I have flexible options of coverage?

Yes. We tailor specifically to your needs and budget

No. you are insured for only  the declining amount of the mortgage

Circumstances change. If it is better for my beneficiaries to use the proceeds from the policy for something other than paying off the mortgage, will they have that option?

Yes. Upon death the benefit goes directly to beneficiaries. They can decide how to best use the money

No. upon death the benefit goes to the lender to pay off the mortgage

If I am healthy will this make a difference in the amount I pay for coverage?

Yes. The amount you pay for your mortgage is based on your age, health, and smoking status.

No. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else.

Is my coverage guaranteed?

Yes. The premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy.

No. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time.

Should I become injured or sick can I get more disability coverage than the amount of my mortgage payment each month?

Yes. We can choose coverage to protect your income, not just your monthly payment.

No. Banks will only cover up to the monthly amount of the mortgage.