Insurance
| Life Insurance | VS | Mortgage Insurance |
|---|---|---|
| You own and control the policy | OWNERSHIP | The bank owns the policy |
| Coverage will never decrease and can protect more than just your home | AMOUNT OF COVERAGE | As your mortgage decreases so does the coverage |
| Payments are guaranteed to remain the same for the term of your policy | PAYMENT | Payments remain the same for the term of your mortgage only |
| Re-financing your mortgage has no impact on your life insurance policy. | INSURANCE PORTABILITY | Re-financing your mortgage may terminate your coverage. |
| You can use your insurance for a different purpose altogether. | FLEXIBILITY | Insurance is used for mortgage protection only. |
| Regardless of your health, the policy can be converted from term to whole life without a medical evaluation. | CONVERTIBILITY | Not convertible. |
| You choose your beneficiary. Upon death, your beneficiary receives the proceeds. | BENEFICIARY | The bank is the beneficiary and the death benefit is used to pay off the mortgage only. |
| You work with a financial services professional who is a licensed life insurance advisor, trained to understand your holistic financial needs. | SALES CREDENTIALS | You work with a financial services professional who may no be licensed to sell life insurance, which can be an important part of a comprehensive financial plan. |
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