This might seem to be an easy question to answer, but let me take it one step further. Who stands to benefit from your mortgage insurance? Your family or the lending institution?
When you apply for a mortgage your mortgage agent is required to offer you a mortgage insurance plan. You pay a monthly premium to provide the lending institution coverage on your mortgage loan.
What few people realize, is that you do have a choice, whether to obtain mortgage insurance through the lending institution or through a private insurance provider.
When you choose to apply for private insurance, you own the contract and you pay a monthly premium to provide for your family.
A private insurance contract can also be enhanced to include your children, spouse, and income replacement coverage.
With private insurance, you are the owner of the contract, not the lender. Disability and critical illness benefits go to you – the insured.
In the case of the death benefit, the beneficiary, not the lender receives the insurance proceeds. This can make all the difference in the world to your family, and gives you the confidence they will be protected, so they can remain in the home you worked so hard for them to have.
Let’s review your current coverage to ensure your peace of mind. Call me today at 519-940-0085.
Charlotte Graham Strategic Alliance Financial Group