W Mac Insurance

A must read for those who have mortgage insurance.

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This says it all.

Top 3 Problems with Bank-owned Life Insurance i.e. Mortgage Protection CLICK HERE for a BETTER PRODUCT for YOUR needs, at a better price (in some cases 50% lower) https://bettermortgageinsurance.ca/winmac __________________________________________________... Unlicensed staff and no advice. Unlike licensed life insurance agents, bank staff and mortgage specialists who sell mortgage life insurance are unlicensed, and rarely have insurance training. Bank staff typically are not qualified to explain the details and legalities of insurance products. This may not sound like a critical issue, but ensuring you and your family are properly protected is imperative. Life insurance can help mitigate the financial strain on your family and your loved ones in the event of your death. With an individually owned life insurance policy, your beneficiary can use the proceeds to help replace lost income, pay outstanding debt such as mortgage or credit cards, pay for your children’s education, and address other important financial needs. Unfortunately, many families found out after the fact that they didn’t have the right type of insurance, or an adequate amount of insurance. Don’t let it happen to you. Post-claim underwriting. Let’s unpack this term. Post-claim means that the underwriting happens after the claim. That is, it’s only after a claim is made (after death) is it determined whether or not you actually qualified for insurance in the first place. You may very well indeed be paying for insurance you don’t actually have. This is not exactly the peace of mind most families desire. Several years ago, CBC Marketplace ran an episode title Mortgage Insurance: In Denial highlighting the severe risks present with bank-owned life insurance. Several other media outlets have reported various other stories with Canadian families, such as this piece in The Star documenting one family’s nightmare with TD Bank. Quite unbelievably, banks can issue insurance to you, but then deny the coverage years later. Believe it. Many Canadians pay premiums thinking they are covered, only to find out when it’s too late that they actually never had insurance in the first place. Lack of Control. With an individually owned life insurance policy, you are the policy owner. You decide the amount of insurance. You decide who the beneficiary is. Your beneficiary decides how to spend the insurance proceeds pay off the mortgage, help fund education costs for your children, etc. With bank-owned life insurance tied to your mortgage, you are not the policy owner. You have no control over the insurance proceeds it pays the mortgage and that’s it. You can’t name a beneficiary the bank is the beneficiary. REF http://blog.modernadvisor.ca/life-insurance/