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Thread: Mortgage Insurance
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05-05-2013 09:36 PM #1
- Join Date
- Jun 2009
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Mortgage Insurance
Do you have mortgage insurance through the bank?
Most homeowner are not aware that the coverage offered through a bank ONLY protects the bank themselves. The Bank is the automatic beneficary. As your mortgage decreases so does the coverage at the bank, but the premiums you pay stay the same. To break it down if your initial mortgage was for $300K you are paying a premium for that $300K for the term of your mortgage even as the outstanding balance has decreased over time. Term insurance with Sunlife has the coverage($300K) stay the the same as long as you own the policy. If you switch mortgage lenders you lose the coverage through the bank and need to reapply. With Sunlife it is not tied to your mortgage, you can carry it if you move again. Also it is flexible, you can lower your coverage as mortgage decreases thereby lowering your premiums.
Premiums are almost always lower. Protect your family, not the bank.
Feel free to contact me for more information.
Derek Cantley
Financial Advisor
613-866-2559
derek.cantley@sunlife.com
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