 |
Family Business Advisors
Selected Newsletter Articles
Business Owners Profiled
B2B Peer Groups
Effectiveness Strategies
Financial Growth Resources
Strategic Conversations
Strategic Planning Toolkit
Leadership Development
Experience Exchange
Managing Differences
Association Presentations
Family Business Forum
Search iBizResources.com
Search The Entire Internet
Locate Congress @ Home
2,000 Contributed Articles
Breaking News 24/7/365
Keep informed, add our breaking news feed to your web site.
eBay's Most Popular Searches We have the 3,000 most searched for items, listed alphabetically.
Thousands of Government Programs...
publications, programs, grants, and documents. A free search engine for you!.
Take Control Of The Internet! Connect with prospects, vendors, suppliers, customers, the media - put the Internet to do for you TODAY!
Add Instant Audio...
to your web site. It will revolutionize how you connect with prospects, customers & clients!
Leadership University
Professional development systems for individuals and organizations!
Small Business Marketing Attract new customers, sell more to your existing customers, and bring them back more often!
Email Marketing Resources Manage all your email, newsletters, messages, and mailings from ONE user-friendly Message Control Center!
Strategic Conversations
Enhanced communications for life. Revolutionize your professional & business effectiveness!
Database Marketing System
Keep in continual contact with your prospects and clients. Competitively priced for companies and professionals!
Sales Training Process
Learn how to find, identify, and sell to the people most likely to buy your products and services!
|
©1999-2007 www.iBizResources.com
® All rights reserved
|
|
 |
Mortgage Insurance Plans: How Good Is Yours?
Read What Others Are Saying. Add Your Comments Too!
Mortgage insurance, to pay off a mortgage, is something you'll inevitably be asked to take out by the bank. Mortgage insurance is necessary so that if something happens to you or your spouse then your loan will be paid off which is good news for your family and the bank. Banks act as if doing you a favour by offering mortgage insurance through their own group plan. Are they?
Mortgage Insurance Is Probably A Much Better Deal From Any Number Of Insurance Companies.
Mortgage insurance is no different than term life insurance; in fact it is term life insurance. With either, your policy lasts for a specified period of time and pays if something happens to you or your spouse if you are both insured. The real difference is how much control you'll have over your policy and how much you'll pay for it.
Mortgage insurance offered by the bank, does not allow you to customize a policy to fit your needs and you'll be lumped together with other borrowers under a group plan. So, you will have no control over your policy. For example, through a company of your choice, such as Canada Life or National Life, you would be able to choose your own beneficiary and decide how to spend the proceeds. These options are not available with a mortgage taken from a lending institution. If the insured party dies, the mortgage loan is completely paid off, even if you need some money for other things.
Additionally, the bank has the right to not renew your policy and to cancel the policy when you sell the house. Do you want to give up this control as now you may have become uninsurable?
MORTGAGE INSURANCE COSTS MORE FROM A BANK
Your own premiums will not go up in the life of a 20 year policy so you would pay the same premium today that you'd pay ten years from now. You won't get that same guarantee from a bank which can increase your premiums during the life of the policy. In addition, you could pay as much as 40% more right now than if you shopped around and found your own insurance provider. Not to mention that the policy you take out through your bank will gradually decrease in face value while a plan you select from an outside source will have the same face value during the entire policy period.
Of course, many people don't mind paying more for their mortgage insurance because it's more convenient than dealing with insurance agents. But the truth is that you can easily find a policy that fits your needs and provides affordable premiums via the Internet. An organization, such as The Hughes Trustco Group, can generate quotes for you from all the providers so you'll know that you're receiving the best deal possible on the policy you want.
Mortgage insurance is important and should be part of your home buying or refinancing preparations, but that does not mean you need to pay more or let the bank make important decisions for you. Instead, you should find your own personal plan at a company that you choose which will let you stay in control of your policy and will save you money in the long run. You can get a quote right here at Mortgage Insurance.
About the Author
Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.hughestrustco.com
By: Ivon T. Hughes
Reader's Comments:
<< Back to More Articles
|
|
