Mortgage Insurance

Protect your home, not your lender.

Getting personally owned life insurance to cover the mortgage debt versus the lender’s coverage is about being in control. With mortgage life insurance your lender owns the policy. If you find a better mortgage rate at another lending institution you would have to re-qualify for the protection as it cannot be moved to another institution. With mortgage insurance your lender pays off the mortgage automatically at claim. Your beneficiary has no choice in how to use the funds. Mortgage insurance offered by lenders decreases as you pay down your mortgage but the premiums remain the same.

Hands gently cupped over a small model house with a red roof, symbolizing protection and care. The background is blurred to focus on the house.

With personally owned insurance, you own the policy, not your lender. You have the freedom to switch your mortgage to another lender without jeopardizing your insurance. Your beneficiaries can choose how to use the funds (ie: payoff the mortgage, provide an income, etc) it’s their choice, not the lenders. The insurance protection remains level. Another significant benefit is that the premiums on a personally owned plan are most times lower than the lender’s plan.

Alarmingly, many of the lender insurance products are “underwritten” at time of claim. This means the lender’s insurance company looks at one’s physical and mental health at the time of claim when it is needed the most. This could put the claimant or their estate at serious financial risk if the underlying insurance company refuses to pay the claim. With personally owned insurance, this risk is avoided as the insurance company underwrites an individual at the time of application.

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Karen Mason is a Certified Financial Planner, a Chartered Life Underwriter and a Certified Health Insurance Specialist. She has been involved in Financial Services since 1983. Her background includes management roles such as trainer of financial advisors and development manager. She has worked extensively in the fields of tax and estate planning, retirement planning, business succession planning, farm transfer planning, charitable giving, life, disability, critical illness and long term care insurance.

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Mason Financial

5715 Sooke Road
Sooke, BC, V9Z 0C4

Phone: 250-642-0776
Toll Free: 1-866-888-0557
Email: [email protected]
Web: MasonFinancial.net

Serving the communities of:
Sooke, Langford, Colwood, Metchosin, Victoria, Oak Bay, Royal Oak, Sidney, Brentwood Bay, Vancouver Island, British Columbia

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