Mortgage Insurance

THE IMPORTANCE OF MORTGAGE INSURANCE

First in Series....

Mortgage Insurance through your Bank? Why you may not be as protected as you think.

ARE YOU REALLY PROTECTED?

As a proud home owner like most Canadians, your home is the centre of your family and social life.

Once all the fees, expenses, legalities are settled, have you thought of how your family would manage the mortgage payments in event of death or critical illness.

Your home is your most important investment. Makes sense to keep it secure for your family. Many Canadians aren’t familiar with how mortgage insurance works or the full extent of its coverage, leaving you vulnerable.

Did you first hear about mortgage insurance from your lender during the mortgage application process? Often presented as an easy to approve, affordable solution to pay off the debt in case of death or critical illness allowing your family to remain in your home.

UNFORTUNATELY, THIS IS NOT ALWAYS THE CASE.

Banks don't determine if you are qualified for mortgage insurance at the time of your application. They decide after a claim has been made through POST-CLAIM underwriting. Any discrepancies on your application, your claim could be DENIED!

Ensure you obtain the right coverage.


Second in Series.....

A home will probably be the largest single investment in your lifetime. It's a valuable asset....

You insure valuables with fire and contents insurance whereas YOUR MORTGAGE IS YOUR LARGEST DEBT!

  • With mortgage insurance from a bank, you have level premium payments but declining insurance coverage.
  • Not so if your insurance is protected by Desjardins.
  • The insurance value does not reduce with your mortgage.
  • Your premiums remain level as your mortgage reduces.
  • Adding value to your insurance for your beneficiaries.

Ensure you obtain the right coverage.


Third in Series....

IS MORTGAGE YOUR LARGEST DEBT....?

Is your home your most valuable asset....largest single investment ?

Insurance protects your losses:

PROTECTION - Home and contents insurance, fire insurance, car insurance, liability insurance - Keeps you and your family safe.

MORTGAGE INSURANCE - Keeps your home safe for your family.

MORTGAGE INSURANCE FROM AN INSURANCE COMPANY:

  • Your premiums remain level as your MORTGAGE REDUCES.
  • Your LIFE INSURANCE does NOT reduce with your mortgage.
  • Your insurance pays out to your BENEFICIARIES.
  • MORE insurance for your beneficiaries on death.
  • MORE VALUE after mortgage payment!

MORTGAGE INSURANCE FROM A BANK:

  • Your premiums remain level BUT your INSURANCE REDUCES.
  • Your LIFE INSURANCE reduces with your mortgage.
  • Your insurance pays out your mortgage ONLY.
  • NO insurance for your beneficiaries on death.
  • NO VALUE after mortgage payment!


Fourth in Series....

Are you really protected with BANK INSURANCE?

Do you know how mortgage insurance works - Banks vs Insurance Company? Many Canadians are not familiar with how mortgage insurance works or the full extent of the coverage.

Is your home your most valuable asset?

Once all the fees, expenses, legalities are settled are you sure your family would manage the MORTGAGE payments in the event of your death or critical illness?

Makes sense to keep it secure for your family.

Mortgage insurance from an Insurance Company.

~You ARE as protected as you think.

  • Banks do not qualify you at the time of your application.
  • Insurance Company UNDERWRITES your insurance at application.
  • Banks decide after a claim - POST-CLAIM UNDERWRITING.
  • Insurance Company assures your Life Insurance, once taken.
  • Banks can deny your CLAIM if not satisfied, after it is taken.

At a time of grief you do not need financial stress!


Fifth in series......Desjardins Financial Services.

Do you own your mortgage insurance or does the bank own it?

Will your beneficiaries get your insurance after your mortgage is settled with the bank?


Sixth in series.....Desjardins Financial Services.

Are your premiums guaranteed or are you in for surprises?

Can you transfer your policy on refinancing? Or do you have to get a new life insurance with a new lender, at a higher cost?


Seventh in series......Desjardins Financial Services.

Is your policy guaranteed renewable? Is it underwritten at the time of application.....or at claim?

Can you be sure the insurance claim will not be denied to your beneficiaries?

For more information: Contact: kusum.sen@dfsin.ca

*Mutual funds distributed through Desjardins Financial Security Investments Inc.

Life and health insurance products are provided by Kusum Sen through Desjardins Financial Security Independent Network. Life and health insurance products and services are not available through Desjardins Financial Security Investments Inc. (DFS Investments) nor are the insurance plans or services available and/or offered, supervised or reviewed by DFS Investments. DFS Investments is the mutual fund dealer through which mutual fund products and services are provided.

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