<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=454479291403716&amp;ev=PageView&amp;noscript=1"> Mortgage Insurance: Insurance Brokers Vs. The Bank!
Armour Insurance Blog

Mortgage Insurance: Insurance Brokers Vs. The Bank!

Posted by Rob Marusin on Jul 10, 2012 8:47:00 AM

1108079 monthly fee 5If you own a home, mortgage insurance is a given. (We hope!) But what kind of company have you trusted your policy with? People often choose the bank for mortgage insurance because they think it's easier and less time consuming; when in fact, it could be a costly mistake for everyone in your household. Let's take a look:

Insurance with a Broker:

  1. Protects your family
  2. Controlled by you
  3. Fully portable - transferable to any house
  4. Flexible - upon death, your family has the option of paying off the mortgage or investing the funds
  5. Allows shopping for better interest rates when mortgage renews
  6. Choice of plans and benefits
  7. Choice of amount of coverage and face amount does not decrease as the mortgage is reduced
  8. Coverage is convertible & renewable
  9. Stable - 30-day grace periods for missed premiums
  10. Expert advice - You deal with a professional insurance advisor about insurance and all insurance coverage can be through one broker

Insurance through a Bank:

  1. Protects the bank
  2. Controlled by the bank
  3. Runs out when house is sold or traded
  4. Inflexible - the mortgage must be paid off regardless of interest rates and other investment opportunities
  5. No shopping - unless you are willing to pay higher premium and are insurable
  6. Limited choices
  7. Coverage must be equal to the mortgage amount and decreases as the mortgage is reduced (premium does not!)
  8. Non-convertible
  9. A missed mortgage payment often means lost coverage
  10. You deal with a banker about insurance matters and the insurance coverage is spread all over
For more information on this visit our mortgage insurance page.

If you have questions about how Armour Insurance has you covered with Mortgage Insurance, call us today!

Article Source: Wawanesa Life

Topics: insurance edmonton, insurance, mortgage insurance, insurance broker edmonton Homeowners