If you have a mortgage insurance at the bank, you could be losing out on the following benefits too:

LEVEL BENEFIT PLAN
Benefits through the bank's plan decrease to adjust the reducing mortgage. For example: After 10 years if you reduce your mortgage from $700,000 to $500,000 and die, the bank must pay off your mortgage balance of $500,000.
Our plan’s benefit is level and will pay $700,000 regardless.

CHOICE OF BENEFICIARY
Our plan will pay the proceeds to your beneficiary and he/she has the option of paying off the mortgage or not.     Unlike the bank’s plan.

PORTABLE PLAN
Our plan is totally portable and not related to your mobility such as moving to another home or transferring your mortgage to another lender.  The bank’s plan has a different definition.

DOUBLE DEATH BENEFIT
Our plan will pay 2 death claims because each spouse is insured separately. For example, your initial coverage of $700,000 times 2 = $1,400,000.   The bank’s plan will pay 1 benefit.

MEDICAL CHECK-UP
We will check if you qualify via medical tests before issuing the plan.

TAX EXEMPTION
Our plan does not charge 8 % Provincial Sales Tax.  Bank’s plan will.

PROTECTION AGAINST CREDITORS
Our plan protects you and your family from creditors.

GUARANTEED PREMIUM RATES
Our plan guarantees your premiums for the term selected and is not cancellable by the Insurance Company.

CONVERTIBILITY OPTIONS
Our plan allows you to convert your mortgage insurance into a permanent life insurance plan.

AVOID ESTATE FEES
Our plan's insurance death benefit is paid tax-free to the beneficiary.

PERSONAL PLAN (individual/joint/multiple)
Our plan's contract cannot be amended by the Insurance Company.


Case Study:
For a 43-year male and his 39-year spouse, to have a mortgage insurance of $700,000 with one of Canada’s leading banks will have to pay $263.09 per month for a decreasing life insurance benefit.  

We could offer them a level benefit covering both separately for $700,000 each and it would cost them $130.18 per month. That’s a huge savings of $132.91 per month.

These savings could insure them for an additional life insurance benefit of $700,000 each ($1,400,000 together) if they want to, creating a huge asset to their beneficiaries. 

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