LIFE/MORTGAGE

Many people take the group mortgage insurance offered by the mortgage company thinking that it is cheaper. Most of the time it is not.

More importantly you need to know that you do not own the policy and that means that when you renew your mortgage or change mortgagees you might not qualify for new coverage if your health has changed.

Listen to the true story

A young mother came to one of our offices to have her husbands terminal return prepared and to have his estate taken care of. She told the sad story. Her husband became terminally ill at a very young age. He could no longer navigate the stairs in their two story home and so they decided to sell it and purchase a bungalow. When the sale was completed they went to the mortgage company to sign the mortgage papers for a $195,000 mortgage. The agent went through the medical questionnaire and accepted the wife's application for the group plan.

When the agent ran through the medical questionnaire for the husband they advised him that he DID NOT QUALIFY FOR COVERAGE. He died six months later and left the young mother with two children and the $195,000 mortgage.

If he had owned the policy i.e. Purchased it from our office the Life Insurance Company could not have cancelled it and guess what the premiums might even been less than the group policy at the mortgage company.
Click here for our Mortgage Insurance Specialist to contact you.
Blue Cross Disability Industrial Alliance Inclusive
RESPs    Transamerica Life