But here`s something you may not know: personal insurance plans can meet those needs, often for a price as good as or better than traditional mortgage insurance plans, and offering you more control and a better product.
Mortgage insurance via life insurance
Traditional mortgage insurance only covers you for the current amount of your mortgage, not the original amount you purchased. Your premiums remain level but you’re paying the same for less protection. Personal life insurance plans allow you to set the amount of insurance, apply for the best rate possible, and control the contract to meet your needs. Any amount of death benefit over the amount of mortgage left owing is not lost but rather is paid out to your named beneficiaries.
Mortgage insurance via long-term disability/critical illness insurance
In the case of a long term disability or critical illness, you often pay a large premium because the plan covers the total cost of your mortgage. Buying personal coverage will allow you to make decisions on whether you need to cover only a short period of time, or cover interest only. The benefits you get through your employer are often more than sufficient, so you don`t always need to purchase additional coverage. Renfrew Insurance will review all the options for mortgage protection with you to ensure that you only get what you need, when you need it.
For more information on our mortgage insurance options please contact: life@renfrew-insurance.com
