| |
With Individual Life, Critical Illness or Disability Plans You Are ALWAYS PROTECTED |
|
Your Banks Mortgage Insurance Might NOT PROTECT YOU |
| |
|
|
|
| |
Individual Life, Critical Illness and Disability coverage directly from an Insurer is fully underwritten when you apply, so once youre approved, yourre protected; no further medical is required. |
|
In most cases, mortgage insurance underwriting is completed at the time of claim, which means there is NO guarantee that you will be fully covered. |
| |
|
|
|
| |
You or your loved ones are the beneficiary and can use your benefits as needed. |
|
The bank is the beneficiary; you have no control over how your benefit is used. |
| |
|
|
|
| |
Coverage is always portable and is non-cancellable. |
|
Coverage is not portable and is cancellable. |
| |
|
|
|
| |
You can be covered for up to 25 critical medical conditions including heart attack, cancer and stroke with an Individual CriticalIllness plan. |
|
Most bank plans do not provide Critical Illness coverage and if they do, the medical conditions covered are usually limited to heart attack, cancer and stroke. |
| |
|
|
|
| |
Your benefit amount remains the same; you can build up cash values tax-free and use your individual Life Insurance policy as a retirement vehicle and/or to offset your future premiums. |
|
Your benefit amount automatically decreases every time you make a mortgage payment. This means you have no coverage when your mortgage is paid off. |
| |
|
|
|
| |
The sale of your property has no effect on your coverage and only you can determine when your policy will lapse. |
|
Protection often lapses when your property is sold or if your mortgage goes into default. |
| |
|
|
|
| |
You are underwritten once at the time of your application and never have to reapply. |
|
You must reapply at your current age when you change banks; this increases the cost of insurance and the likelihood of an illness preventing a renewal. |
