At
Thom and Associates |
At
the Bank |
Your
premiums for the insurance can be
level for the life of the policy.
|
Most
plans have an increasing premium based
on your age. |
| Premiums
are guaranteed for 10, 20 and 100 year
terms. |
Not
there. |
| If
you change lenders, you may change the
beneficiary and keep the policy. |
You
have to apply for a new policy through
the new lender (probably at higher rates
because you are now older). |
| If
both insured die, the estate or contingent
beneficiaries receive double the face
amount of the policy. |
Not
there. |
| The
policy can be set up with a specific
beneficiary, such as a spouse or whomever
you choose. |
The
bank is the beneficiary. |
| A
death claim is paid directly to the
beneficiary and the beneficiary can
administer the money however he/she
wishes. |
The
bank owns the policy and monies go directly
to the mortgage. |
| You
have control over the policy, choosing
a beneficiary, access to cash values,
ability to make policy changes, etc. |
The
bank owns the policy and you have no
control. |
| Even
if you were to become un-insurable during
the term of your personal coverage,
the insurance company guarantees policy
renewal on the anniversary date of your
policy. |
Not
there. |
| Only
one medical is required at the time
the policy is issued (if necessary).
Regardless of future health conditions,
the policy can not be taken away or
changed by the insurance company. |
Every
time you apply for lender mortgage insurance,
new evidence of health is required and
underwriting is done at the time of
claim. |
| An
insurance company’s minimum requirements
include a saliva or urine test and stringent
health questions - approximately 10
to 20. This way your health status and
history is fully disclosed. |
The
banks usually ask 6 to 8 questions,
that’s it! Claims could be delayed
with investigations when full disclosure
of your health has not been done. |
| Total
disability options are available where
your premiums are waived if you experience
a severe disability lasting 6 months
or longer. |
In
many cases the bank will insist on premiums
to be paid during the disability period. |
| Optional
Mortgage Buy Back Protection Plans are
offered where after a number of years
you may be able to redeem the cash value
of your policy. |
The
lender has no return of premium feature.
You are not eligible to get back any
of your premiums. |
| The
option to continue the policy after
the loan is paid off is yours. You may
keep it, reduce it, convert it, or cancel
it .. |
When
the loan is paid off the policy is cancelled.
|
| We
are licensed and continuously trained
to sell insurance. |
Not
always |
