Life Insurance
Life Insurance and Mortgage Protection
Protect more than your family’s mortgage. Protect their Future.
Our lending institution offers mortgage insurance. But why settle for an insurance product that does just one thing? When it comes to protecting your mortgage, there’s another option to consider. Term insurance is a life insurance product offered. Term insurance is an innovative solution that helps protect your family’s future as well as your home. Not only does it offer more protection, more flexibility and more value than traditional mortgage insurance, but it’s also often a better price.
| With most lenders’ mortgage insurance… | With Term 10 and Term 20 | With Term 30 | |
| Do I own my policy? | NO. Your lending institution holds the contract with the insurance carrier. | YES. | YES. |
| Is my coverage flexible if my needs change? | NO. You cannot choose or alter your coverage amount or convert your policy to permanent protection. Should you move, refinance or renegotiate your mortgage, you cannot transfer your policy and will have to requalify. | YES. You can choose the coverage amount that you need and can increase or decrease it or convert to permanent protection if your needs change.* And whether you move, refinance or renegotiate your mortgage, your coverage stays in place. | YES. In addition to the benefits of Term 10 and Term 20, Term 30 also offers built-in SelectOptions such as SelectValue, which allows you to either withdraw the value of the policy, or transfer the policy value tax-free into a permanent protection plan. |
| Can I choose the beneficiary of my policy? | NO. Your mortgage provider is the beneficiary. | YES. | YES. |
| Can my family use the proceeds of the policy to cover needs other than the mortgage? | NO. | YES. Your family can choose to use the tax-free death benefit for any purpose such as mortgage and debt payments and daily living expenses. | YES. Provides the same benefits of Term 10 and Term 20. |