Kingston Home Insurance
Most lending institutions offer mortgage life insurance as a 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.
A personal life insurance policy doesn’t insure your mortgage – it insures you. After all, you’re the one making the mortgage payments. Mortgage life insurance from lending institutions may leave you with fewer options if your health changes or you become uninsurable. Additionally, mortgage life insurance usually covers the exact amount of the mortgage. Your coverage decreases as the mortgage is paid down.
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Here are some advantages to having a personal life insurance policy:
- The coverage amount is determined by you, not the lender.
- The coverage amount can remain level and is not linked to the balance remaining on the mortgage.
- You have the freedom to switch your mortgage to another lender without having to reapply for insurance.
- Your beneficiaries choose how the funds are to be used.
Speak to one of our financial services representatives today to discuss what coverage is best for you.Get a Quote