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Protect Your Loved Ones, Not the Bank

Jake Jun Qiao, Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), Member of Million Dollar Round Table (MDRT). Please contact me for any financial planning inquires.


Position: Home - Life Insurance hello - Y LOVE YOU
Protect Your Loved Ones, Not the Bank

When you're approved for a mortgage, your lender will offer to sell you mortgage insurance. That may seem convenient, but... 

Before you say yes to mortgage insurance, you should know that you have other options. Protecting your mortgage with an individually-owned term insurance plan, offers you and your loved ones better guarantees and greater choice. Quite simply, Family Term provides better value, more flexibility - and in most cases at a lower cost.

Take a look at the differences between protecting your mortgage using Term insurance vs. most lenders' mortgage insurance:

I pay the premiums, so I would own the policy. Right?

Insurance Company: YES. You own the policy and you name your beneficiaries.

Lenders' Insurance: NO. You' re part of a group policy Owned by the lender. Your lender is the beneficiary.

Is the coverage flexible? 

Insurance Company: YES. You choose from 3 coverage options and the amount of coverage you want, regardless of your mortgage balance. You can increase or decrease your coverage, renew your coverage and convert to permanent protection. If you renegotiate or pay off your mortgage or sell your home, you can continue your coverage.

Lenders' Insurance: NO. Your lender will insure you only for the amount of your mortgage. You can't alter, renew or convert the policy. If you choose to move your mortgage to another lender, you can't transfer the policy. Your coverage ends when the mortgage is paid off or ends.

Circumstances change. If it's better for my beneficiaries to use the proceeds from the policy for something other than paying off the mortgage, will they have that option?

Insurance Company: YES. Upon death, the benefit goes directly to your beneficiaries. They decide how to best use the money.

Lenders' Insurance: NO. Upon death, the benefit goes directly to your lender to pay off the mortgage.

Is the coverage guaranteed?

Insurance Company: YES. Your premiums and benefits are guaranteed for the life of the policy.  Only you can cancel or make changes to your policy.

Lenders' Insurance: NO. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time.

I look after my health, and I don't smoke. Will that make a difference in the amount I pay for coverage?

Insurance Company: YES. The amount you pay for your coverage is based on your age, health and smoking status.

Lenders' Insurance: NO. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else.



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