Mortgage Insurance/Owning Your Own coverage

By: AJ Insurance Services  08-04-2010
Keywords: Mortgage Insurance

 Mortgage Insurance is designed to provide the funds your family will need to pay off your mortgage in the event of your death.
When you apply for a mortgage through your financial institution, you are encouraged to purchase mortgage insurance, as well as disability and critical illness insurance as well.

Many people are unaware that they do not have to purchase Mortgage Insurance through their bank and should consider Owning Their Own Plan.. They are also unaware that in most cases, you are only applying to make the payments, and underwriting is only done if a claim is being made.

Why should you own your own own coverage?

When you apply for coverage through your bank, everyone pays the same rate. There are no discounts for non-smokers or being female
When you Own Your Own Plan, underwriting is done at the time of application, and you know whether or not you qualify.
If you qualify for the coverage you applied for through your bank, the bank is then the beneficiary, leaving no extra funds for your spouse or family
You pay for a decreasing amount, while your premiums increase with each term renewal.
When you Own Your Own Coverage, you can take it with you, so if you decide to change banks, your coverage is already in place.

These are only a few examples of why Owning Your Own Coverage, benefits you. Please contact us for more information on the benefits of Owning your Own Mortgage Insurance,

Keywords: Mortgage Insurance

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