Protecting your family’s future and their home is an important reason for buying life insurance coverage. Getting insured by your mortgage lender, however, may not provide you with the right solutions and the control over your policy that you need.
We offer term life insurance coverage that offers many coverage advantages that your lender does not. Having the freedom to choose the plan you need, and ensuring your loved ones get the full benefit of your plan, gives our term life insurance solutions an edge over mortgage insurance plans offered by your lender.
Consider these facts:
|hidden||Lenders' Mortgage Insurance Plan||Our Insurance Plan|
|Am I the owner of the policy?||No, the lender is the owner of the policy||Yes|
|Am I able to choose the beneficiary?||No, since the lender is the beneficiary||Yes|
|Is my plan and the coverage flexible?||No, you cannot change your coverage or convert to a permanent policy. Should you decide to refinance or renew your mortgage you cannot transfer your policy and will have to requalify.||Yes|
|Once the mortgage is paid off, do I still have coverage?||No||Yes|
|Does the benefit stay level for the life of the policy?||No, it decreases inline with your mortgage||Yes|
|Can the beneficiary use the benefit for other needs?||No||Yes|
|Is the policy cheaper if I am a healthy non-smoker?||No||Yes|