Insurance is an option for most applicants when taking out a mortgage. You are not obligated to purchase mortgage insurance from the lender when borrowing money.
Although it may be convenient to get as much done at one place as possible, you should ask a few questions before you sign on the dotted line.
- Is your insurance portable if you move, or will you have to re-qualify?
- Do you know what your renewal premiums will be?
- Do you know how much insurance coverage you will have left in ten years?
- Who is the beneficiary of the insurance policy?
- Is the coverage convertible to permanent insurance?
- Have you qualified for coverage at the time of starting the insurance policy or at the time you are making the claim for the insurance benefit?
If you've already signed on the dotted line before you've read this and asked the questions listed above, don't despair. In most cases you have purchased term insurance and it can be cancelled, changed or amended at any time without penalty. You should receive an annual review of your coverage with the agent that sold you the insurance to ensure that your coverage remains proportionate to your needs.
If you have
not reviewed your financial needs recently and circumstances
have changed, please contact the link below.
www.dean-marshall.ca
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