Solutions Magazine Spring/Summer Edition
Click on the link below to read the Spring/Summer 2009 Solutions Magazine from Manulife.
https://repsource.manulife.com/ds001/canada/wmInvestmentsPub.nsf/public/invsolutions_Spring2009
Before you say yes to mortgage insurance
Before you say yes to mortgage insurance, consider a solution designed to protect you and your family not the lender.
|
Question |
Individual |
Most Mortgage Lenders Insurance |
|
I pay the premiums, so I own the policy correct? |
YES. You own the policy and you name your beneficiaries |
NO. You’re part of a group policy owned by the lender. Your lender is the beneficiary |
|
Is the coverage flexible?
What if my debts are more than just the mortgage? |
YES. You choose the type of coverage you need, regardless of your mortgage balance. You can increase or decrease your coverage, renew your coverage or convert it to permanent protection. If you renegotiate or pay off your mortgage or sell your home, you can continue your coverage. Your in control. |
NO. Yours lender will insure you only for the amount of your mortgage. You can’t alter, renew or convert the policy. If you choose to move your mortgage to another lender, you can’t transfer the policy. Your coverage ends when the mortgage is paid off or end. |
|
Circumstances change. If it’s better for my beneficiaries to use the proceeds from the policy for something other than paying off the mortgage, will they have that option? |
YES. Upon death, the benefit goes directly to the beneficiaries. They can decide how best to use the money. |
NO. Upon death, the benefit goes directly to your lender to pay off the mortgage. |
|
Is the coverage guaranteed? |
YES. Your premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy. |
NO. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time. |
|
I look after my health, and I don’t smoke. Will that make a difference in the amount I pay for coverage? |
YES. The amount you pay for your coverage is based on your age, health and smoking status. |
NO. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else. |
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