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 Post subject: Covering Your Mortgage
PostPosted: Thu May 02, 2013 1:49 pm 
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Joined: Mon Nov 30, 2009 11:31 am
Posts: 277
Location: 8193 Esquesing Line, Building B, Milton
Hi Hawthorne,

Since posting this note previously, I have received a few calls just asking for information. We are more than happy to dicuss any questions that you may have. We are happily here to help anyone we can.
There is a lot of information out there regarding mortgage insurance and there can be some serious limitations as to what would be covered in the event of illness or death. Please take a couple of minutes and watch this video from CBC Marketplace.

http://vimeo.com/31552039

There are many reasons to cover yourself through a life insurance company. A couple of the biggest are that you can purchase coverage for both people (not first to die)...it's for the full amount that you purchased from day 1...and it may be less than what you are paying now.

Please take a minute and check what you have currently...what you are paying...and weigh your options. Please feel free to call us if you have any questions.
All the best

Robyn King CIP - Agent
State Farm Insurance
Coates Crossing
611 Holly Ave, Suite 202
Bus 905-636-0290
Cell 416-899-9709

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PostPosted: Thu May 09, 2013 6:14 am 
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Joined: Wed Jul 21, 2010 6:14 am
Posts: 62
Location: Milton, Canada
Hi Robin
I would just like to support your comments here.
Mortgage Insurance offered by banks, in my opinion is definitely not in the best interest of clients for many reasons. Here are a few reasons:
- policies are only underwritten when a person passes away. So one thinks you are covered while you are alive and paying the premiums. On passing away, the companies then medically underwrite and go back and review passed medical history to determine if they will pay the claim or not.
- the amount of cover drops as the mortgage is paid down.
- Bank Mortgage Rep's and Mortgage Brokers get paid fairly well by selling these. Often the rep's make more commission from the mortgage insurance than the actual mortgage.
- These policies are big profit centres for banks and a big selling focus.

Permanent life or term cover sold by insurance companies is generally cheaper and underwritten at inception, so the cover remains constant and will be paid out if one passes away at anytime while the policies are in force.

Many clients, especially when they deal direct with their bank's, are led to believe that the life cover is part and parcel of their mortgage. Life cover, although very necessary and strongly advised, is not mandatory to secure your mortgage. If clients have this cover in place, they can cancel it at anytime and replace it with permanent cover.

Personally, I have never sold a client mortgage insurance, but have certainly pushed that they get cover through their insurance brokers.

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Warwick Johnston
Milton Mortgage Specialist at RBC
647-274-6029


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PostPosted: Thu May 09, 2013 1:31 pm 
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Joined: Mon Nov 30, 2009 11:31 am
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Location: 8193 Esquesing Line, Building B, Milton
Thanks Warwick! I love it! The more info that is shared the better for everyone. :-)

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