Mortgage Insurance vs. Life Insurance
Monthly mortgage payments can take a large portion of your monthly income in the event of you or your spouse passing away, you could be left unable to make your monthly mortgage payments. Term mortgage protection insurance can help to protect your family during financial hardship that sometimes arises with the death of a loved one.
When you obtain a mortgage at your local bank, along with the mortgage they will want to sell you what they call “mortgage insurance.” This is not “mortgage insurance” it is insurance which protects them by having you buy their policy. Basically you are buying an expensive policy which the bank owns and in which they are the beneficiary. The policy coverage decreases while the premium remains the same. If the premium decreased with the coverage, it wouldn’t be so bad, but it doesn’t. In short, the policy decrease ????? for it while the bank owns, controls and benefits from it.
Term mortgage protection insurance has a decreasing death benefit to match your mortgage balance at the beginning of each year. Because the death benefit decreases along with the mortgage balance, the cost of term mortgage protection insurance is less expensive compared to non-decreasing term life insurance.
If you want to be in control of your financial life, get your own life insurance ??? can control the level of coverage that suits you, and ensure that your loved ones are taken care of when you pass on.
To speak to a Financial Professional in your area, call 1-866-828-0285 or email us at: admin@mficonsultants.com
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