What is Mortgage Insurance?
Mortgage Insurance is a form of insurance that a lender obtains against non-repayment of mortgages.
What is Mortgage Life Insurance?
A better way to protect your loved ones in the event of your death and subsequent mortgage expense is to obtain a mortgage life insurance policy to cover the amount owing on your mortgage.
Having life insurance for your surviving dependents to pay the mortgage is most important because your lender will repossess your house if mortgage payments are missed. Avoid mortgage insurance from the mortgage lender because the coverage & options are very restrictive & limited. Instead have a life insurance broker shop around the right coverage & lowest premiums for you.
Wrong way to insure your mortgage:
Insurance from Mortgage Lender
- Lender is beneficiary.
- Lender can change or cancel insurance at their discretion.
- Pays off mortgage only.
- Coverage ends when mortgage ends.
- If diagnosed with health problems, coverage will expire at end of mortgage.
- No options available.
- Subject to sales tax.
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Right way to insure your mortgage:
Insurance from Broker
- You choose any beneficiary.
- As owner you have full control.
- Pays for ANYTHING you want including mortgage.
- Coverage for lifetime.
- If diagnosed with health problems, coverage still continues.
- Options include life conversion, disability, critical illness, child protection & more.
- Not subject to sales tax.
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To see the premiums and get a free no medical mortgage life insurance quote, please click here:
http://www.nomed.ca/nomed_quote.html
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