Your best alternative to Mortgage Insurance - personal life insurance. When considering where to buy your insurance you should speak to a Licensed and professional insurance broker, like me. I can evaluate your debt risks, and all other personal risks you might have. You should consider all your options, and get a policy that is guaranteed to pay your family, not the bank, if you die. Have a plan that is fully underwritten at time of application, so you know you are properly protected.
- Not Guaranteed to Pay- Bank decides if you qualify when you make a claim and can deny payment.
- Tied Selling- The bank cannot make you buy another product or service as a condition for obtaining a mortgage.
- Declining Payout- Your coverage goes down as you pay off your mortgage.
- Increasing Premiums- Every few years when you renew your mortgage, the premiums increase.
- The Bank gets the Money