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News & Updates
Mortgage Insurance

Fundamentals of Mortgage Insurance

Questions we need to ask ourselves...

  • Protect your large liability by protecting your wealth-generation capacity
  • Do it with maximum flexibility, control, competitive rate and optimum benefit to you
  • If your intention is to protect YOU and your family and not the lender, get Life Insurance from a Licensed Agent, not from the bank!
  • Do I need to protect my large additional liability?
  • How to get this protection?
  • Is it mandatory that I should take Mortgage Insurance from my bank to get the mortgage?
  • How to get the best protection for my mortgage?
  • What are the pitfalls of Mortgage Insurance offered by banks?
  • Is the bank employee offering me the Mortgage Insurance qualified and capable to offer me the best insurance?
  • What are the relative advantages of Personal Life Insurance?
  • Is there any Third Party opinion available on Mortgage Insurance offered by banks?
We can provide all the information and reliable evidence to help you make an educated decision to efficiently protect your Mortgage and other liabilities with maximum flexibility, minimum cost and optimum benefit to you and your family!
For more information and to discuss the right option you are welcome to contact Naz who would be happy to guide you in the right direction.

Nuzhat Fathima
Sales Manager
Sun Life Financial FC 78 Markham
T: (905) 294-4030 x.2318
C: (647) 774-3276
F: (905) 294-4488
nuzhat.fathima@sunlife.com
Mortgage Insurance

(Offered by Banks)

Personal Life Insurance

(From an Insurance Agent/Broker)

Bank is the Beneficiary; they receive the Death Benefit
Bank: The Owner and you are the payee
Your designate such as spouse is the Beneficiary You are Owner and Payee
Rate Not Guaranteed, bank can change it anytime Decreasing Protection as the mortgage balance decrease and Premium re- mains the same! Only Standard Rate, even if you are young and in excellent health Only covers mortgage Rates are guaranteed upon issue of the policy Level or Increasing Protection and Premium could be fixed or flexible Potential of Preferred or Elite Class based on Underwriting Could be used to cover any liability
No Initial Underwriting Death Claim is subject to Post Under- writing Provided by a Non-Licensed Agent Initial Underwriting is mandatory in most cases Death Claim will be paid immediately Only provided by a Licensed Agent
Just a Group Policy - Not personal Your Personal Policy
Not at all Portable – Your Mortgage Insurance is linked to the Mortgage and the bank Generally much more expensive Totally Portable and can be used for any liabilities with any financial institution Competitive rates are available
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