Creditor/ Mortgage Insurance Vancouver, BC
Is mortgage life insurance protecting your family or the bank?
Mortgage life insurance V/S Private life insurance
Mortgage life insurance
Private life insurance
|Premiums||Average 30% more||
Average 30% less
Decreases with every payment
|Level throughout the term|
99%+ claims paid
Our expert insurance brokers at Camlife can help you look at all your options.
Creditor insurance is a terrible insurance product for many reasons. To name a few:
Cost: it is typically 30-40% more expensive than a private term life insurance policy.
Many claims are denied: Creditor actually underwritten at time of claim often leading to the lenders insurer finding a reason or technicality to deny the claim. In contrast, less than 1 in 500 private claims are denied (source Manulife).
The bank, if the coverage pays, is the beneficiary of the policy – not the family.
If you change banks you may have to re-qualify at the new financial institution – what if your health has changed and you can’t get coverage? Remember, life insurance is a privilege not a right.
The coverage is ‘decreasing term’. This means that every time you make a payment that the death benefit decreases but the premium does not.
Insurance Solutions we offer include: Life Insurance | Term Life Insurance | Creditor (Mortgage) Insurance | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Medical Underwriting | Living Benefits Insurance | Critical Illness Insurance | Disability Insurance
Your insurance policy must be based on your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, as well as other factors. We make sure we understand all this in order to choose the right insurance policy for you. At Camlife Financial, we have access to all available insurance products and can recommend the best insurance coverage suited to your individual needs.