MORTGAGE INSURANCE offered by your bank may be convenient, but if you are in good health, an individual insurance plan can provide superior coverage and value over the term of your mortgage. We recommend guaranteed rates with a death benefit that does NOT reduce with your mortgage.
Mortgage Insurance - YOU HAVE THE CHOICE!
By law, the Banks cannot insist that you purchase or maintain their mortgage insurance. If you already have their coverage, it can be cancelled at your option at any time. Don't worry, "cancellation WILL NOT adversely affect the other financial terms of your mortgage. Consider replacing Bank Mortgage Insurance with a "First Rate" Mortgage Protection Plan.
|Are rates competitive?||NO||YES|
|Is the coverage reducing?||YES||NO|
|Is insurance portable to new home at original rates?||NO||YES|
|On refinance, is coverage lost?||YES||NO|
|Is Provincial Sales Tax payable?||YES||NO|
|Must proceeds be used to pay-off mortgage?||YES||NO|
|With joint plan, can the survivor continue coverage?||NO||YES|
|With joint coverage, at which age is cost calculated?||Older age||Average age|
|With joint coverage, is death benefit double?||NO||YES|
|Do Non-Smokers receive a discount?||NO||YES|
|Are costs guaranteed for the mortgage term?||NO||YES|
|Are there female discounts?||NO||YES|
|Can amount of coverage be customized?||NO||YES|
|To what age can coverage be renewed?||Age 70||Age 80-100|
|Must coverage be purchased at time of mortgage?||YES||NO|
|Does coverage terminate if mortgage is assigned?||YES||NO|
|Is medical underwriting required?||YES||NO|
|Can medical underwriting costs be charged to you?||YES||NO|
|Is coverage convertible to permanent insurance?||NO||YES|
|Can you customize the policy duration?||NO||YES|
***Always consult an insurance expert before buying or replacing coverage.
**Refers to one of Canada's Five Big Banks at time of printing. E. & O. E.
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