Trusted Tips and Resources

Trusted Tips & Resources

SASKATOON FINANCIAL SERVICES experts share a tip on Mortgage Protection


Here they share another helpful Trusted Saskatoon Financial Tip!

You've found the right home and the right mortgage...

Now find the right mortgage protection.

Most lending institutions offer mortgage life insurance as part of their mortgage packaging. But look carefully before you sign on the dotted line. You could find yourself locked into insurance that does more to protect your lender than you.

Protect your home, Not your lender

A personal life insurance policy doesn't insure your mortgage. It insures you. After all, you're the one making those payments. Though a personal life insurance policy, you can plan to meet more of your family's needs in the event of death - including staying in your dream home.

Insurance from lenders usually covers the exact amount of your mortgage (the blue line in the graph below). Your coverage decreases as the mortgage is paid down. This means you have no coverage when the mortgage is paid off.

With personal life insurance, we help you determine the amount of coverage you need, and your coverage doesn't decrease as the mortgage is paid down. This is illustrated by the orange line. This means additional funds can be available at a time when your family may need them most. You can reduce the face amount as you pay off your mortgage or if you need the protection for other purposes, you can keep the insurance.

 


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TrustedSaskatoon.com
129 21st St E #400
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

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