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Vancouver Life Insurance

Vancouver Life Insurance

Life Insurance vs. Mortgage Insurance

Mortgage Insurance through Wawanesa Life versus bank or credit union is not the same. Check out the differences below and see how you can benefit from Life Insurance over Mortgage Insurance.

Wawanesa Life Insurance

  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 life insurance plans and benefits
  7. Choice of amount of life insurance coverage and face amount does not decrease as the mortgage is reduced
  8. Coverage is convertible and renewable
  9. Stable – 30-day grace periods for missed premiums
  10. Expert advice – You deal with a professional insurance adviser about life insurance and all insurance coverage can be through one broker

Bank (Mortgage Insurance)

  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 decrease 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

Mortgage insurance: Not always a sure thing

Full story with video via CBC Marketplace

If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you. It’s meant to offer peace of mind and to reassure you that your family will be able to stay in your home if anything should happen to you.

The reality falls a little short of that. In this week’s Marketplace investigation, we meet two families who bought the coverage and thought they were protected, only to have their claims denied when they became sick or died. In each case, the insurer said the applicant person had lied on their initial application form.

Life Insurance Vancouver

Contact our Vancouver Life Insurance experts

Call our Port Coquitlam based Insurance agency at 604-945-0043 to talk to us about your specific Vancouver life insurance needs and request a quote. Or fill out our Vancouver Life Insurance Quote Request Form by clicking the life insurance quote request button above.

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