7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3
Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192
The security of the family home can be threatened and even destroyed in the event of the death of the mortgage holder. Although banks offer group mortgage protection, the advantages of a personalized, individual insurance policy far outweigh that of a group plan as illustrated in the following comparison.
|Individual Insurance||Group Mortgage Insurance|
1) You own the policy.
|1) You are covered under a group policy owned by the mortgage company. They control the coverage you receive.|
2) The policy cannot be cancelled unless you wish to cancel it.
|2) The company owns the group policy and can cancel it at any time.|
3) You may select any insurance amount.
|3) The face amount can only be the exact amount of your mortgage (no more, no less).|
4) You can choose from term or permanent coverage. A term policy may be converted regardless of health until age 65. If you have a permanent policy, at some point in time, the cash value from the policy may be sufficient to pay off the balance of the mortgage.
|4) Most companies offer non-convertible decreasing term (equal to the amount of your mortgage). The coverage will expire without allowing you the opportunity to purchase other insurance or provide you with cash values should you terminate your coverage. Even though the death benefit is decreasing, the cost remains level.|
5) You can personalize your policy by adding various plans:
|5) No other benefits or features may be added.|
6) Your rules will vary depending on your smoker status. Non-smokers receive lower rates. Individuals with exceptional health receive lower than standard rates.
|6) Generally, no distinction is made between smokers and non-smokers.|
7) Your policy is portable. If you transfer your mortgage to another insurer, your insurance remains enforced - no need to re-apply and prove your insurability. You are protected from the danger of losing your insurance because of a change in your health.
|7) In most cases, if you take your mortgage to another company, you lose your protection. You must then submit satisfactory evidence|
of health and are subject to the current rates charged by the new mortgagor.
8) You appoint a beneficiary who can use the proceeds in whatever manner he/she wishes. If it is wiser to invest the proceeds rather than pay off a low interest mortgage, the beneficiary has the choice.
|8) The proceeds are payable to the Mortgage company. In the event of death, the company is automatically repaid.|
9) You can get a policy regardless of whether the property is your primary residence.
|9) Companies often restrict insurance to your primary residence. If you own a rental property, you may not be eligible for coverage.|
10) Policies are available to ages:
|10) Many companies restrict mortgage insurance to age 65 or younger with coverage terminating at age 70.|
Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.