Updated: Feb 16
Life vs. Mortgage Insurance
Mortgage Insurance VS Life Insurance
- Mortgage Insurance is designed by the bank for the bank
- Mortgage Insurance is NOT payable to a beneficiary. Upon death, the, money is payable to the bank 100% to cover the outstanding mortgage ONLY, nothing else
- Life Insurance is designed for you – customizable to suite your unique needs and personal circumstances / wants
- Life Insurance is payable to the beneficiary 100% and can be used as the beneficiary sees fit
In summary, if you have mortgage/creditor insurance there is a good chance, you’re overpaying for a product that is not guaranteed to be paid out upon death AND essentially has no other benefit other than paying off an existing mortgage.
Book a discovery call today to find out if you’re overpaying AND to ensure you have the products that protect you and your family!