Avail CPA

Wealth Planning 

Insuring your mortgage.

Protecting your family, or protecting the bank.

Insurance solutions built on understanding.

If you’re a homeowner with a mortgage, you may have accepted the mortgage life insurance offered by your bank. This is an important first step in acknowledging your need to protect your loved ones. However, make no mistake – this coverage is designed by the lender to protect the lender. Many clients think this coverage is sufficient without knowing the areas in which this coverage falls short.

 

Did you know there is a better life insurance solution available without these shortfalls, and it’s typically less expensive? 

 

It’s called Term Life Insurance. 

Bank Mortgage Life Insurance.

Term Life Insurance.

Guaranteed Coverage.

Coverage is not guaranteed because it's not medically underwritten prior to being issued. The claim could be rejected. 

Coverage is guaranteed because it's medically underwritten prior to being issued. 

Price.

Typically more expensive.

Typically less expensive. 

Ownership.

The bank owns the policy and they are the beneficiary. 

You own the policy and you choose the beneficiary.

Coverage Payout Amount.

The payout amount declines, only paying off the mortgage at payout. 

The payout amount remains consistent, allowing your family to pay off the mortgage and use the remaining funds for other important expenses.

As you can see, Term Life Insurance is more advantageous in every category.    

Although bank mortgage life insurance is easy to setup, it’s likely not your best option.

When seeking to protect one of your most significant financial investments and protect your family from financial burdens, Term Life Insurance is the solution.

Because Term Life Insurance coverage is medically underwritten prior to being issued, payment is guaranteed. The insurance policy allows you to name your own beneficiary (as opposed to the bank) and stays with you if you renew your mortgage elsewhere once the term is up. It won’t decline in value and is often less expensive than what the banks offer. As a member of the Integrated Advisory Community, Avail works closely with insurance professionals that have access to the entire insurance market and the ability to match the best product to your needs. 

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