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Home Sweet Home - no matter what

Ensure you keep a roof over your head
11 1
 
Buying a home is a big decision and a big debt. It’s worth it, though—because it’s your personal space, filled with the people and things you cherish. But what if injury, sickness or death made it impossible to keep up with the mortgage payments? Would your family be able to stay in your home?
 
The answer is yes—with the right kind of insurance coverage. Let’s look at the available solutions.
 
Traditional Mortgage Insurance
• Conveniently available from your mortgage lender
• Premium added to monthly mortgage payment
• Policy has no cash value
• Benefits are paid directly to the lender not to your
beneficiaries
• Monthly premiums may be increased or policy
cancelled at any time
• Usually cannot be moved to another home or
lending institution offering a better rate – you would
have to re-qualify for a new policy, perhaps for
much higher premiums
• Coverage decreases as the mortgage is paid
down but premiums remain the same
• Pays out only the amount owing on the mortgage
at the time of claim
• Coverage ceases when the mortgage is paid off
• If, at the time of your death, an examination of
your medical history indicates you may not have
qualified for the coverage, the claim by your beneficiary may be denied
 
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Personal term life insurance
 
• Insures you not your mortgage
• You own the policy, designate the beneficiaries who choose how to use the money – to pay off the mortgage, provide a monthly income, or take care of immediate needs
• Your coverage isn’t reduced by your declining mortgage balance – so the insurance protection for your beneficiaries remains unchanged even though your mortgage balance declines
• Premium schedule is guaranteed for the life of the plan
• Coverage goes with you from home to home, mortgage to mortgage
• Your plan can be personalized to your needs with options, features and premiums that suit your
budget – including having your premiums waived if you become disabled
• Medical qualification for coverage is determined at time of application. (Normally not subject to
review if claim occurs after 2 years.)
 
Mortgage protection is important. Talk to us about coverage that’s designed to protect you and not your lender.
 
This newsletter, specifically written and published by Investors Group, is presented as a general source of information only, and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide legal advice. Clients should discuss their situation with their Consultant for advice based on their specific circumstances. ™ Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations. © Copyright 2010 Investors Group Inc.
 
David W. Page is a Kamloops rider who is very active in
his community and is a member of the RFBA
Phone: (250) 372-2955
Toll Free: 1-800-897-9559
Fax: (250) 372-1567
 
 
 

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