Bank Mortgage Insurance…the Frightening Truth
What is Bank Offered Mortgage Insurance?
It is the insurance offered to you by your bank when you get a mortgage.
It is insurance that is meant to pay off your mortgage and allow you to keep your home if you get sick or die.
It is sold as a policy that protects you and your family from unfortunate circumstances and is heavily encouraged as an add-on product during the mortgage application process.
However, many purchasers of this nefarious bank insurance product have been left high and dry when they’ve tried to make a claim…
Jim Bullock, 35 year insurance veteran and bank mortgage insurance critic states:
Typical bank offered mortgage insurance questionnaires are: Big…long, complicated questions with simple YES / NO answers.
“There’s virtually no chance of completing [the insurance form] accurately or completely.”
Jim Bullock qualifies this last statement by describing that in his 35 years of insurance work he has never actually seen anyone complete one of these bank mortgage insurance applications correctly.
How easy is it to misunderstand this bank mortgage insurance form?
Clearly, very easy to misunderstand since everybody makes some mistake on the form and banks provide no trained insurance agents to walk clients through the application process.
How much does pushing mortgage insurance make the TD Bank annually?
Approximately $1 Billion…
Is There A Better Option Than Bank Offered Mortgage Insurance?
The answer is a resounding YES!! Here’s a comparison between what you will receive from bank mortgage insurance compared to insurance offered through a licensed insurance broker
When applying for a mortgage, I advise my clients to take the lender mortgage insurance initially BUT then as soon as possible…SEE A PROFESSIONAL LICENSED INSURANCE BROKER WHO WILL:
– Get you insurance that costs you less than the bank mortgage insurance product
– Get you insurance that is guaranteed to pay out because the underwriting is done BEFORE your insurance is approved.
– Get you insurance that will cover you no matter who you decide to get your mortgage through.
– Get you insurance that, in the unfortunate event of having to make a claim, gets you a cheque that you can use to handle your financial affairs in the way that you and your financial adviser deem most appropriate.
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