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Testimonials
Mr. Ivon Hughes has provided me with outstanding service and counsel
in helping to identify and obtain the appropriate type and amount of life
insurance to suit my financial needs and family circumstances.
- T. Finkel, ON
I would just
like to take this moment thank you for the exceptional service you have provided
me and my husband. You have proven to be efficient and always available to
deal with issues or answer question. Thank you once again.
- V. & R. Davis, ON
I can state that my association with Mr. Hughes
and his company, Hughes Trustco, has been most satisfactory both as a supplier
of services and as a client.
- J. Clark, PQ
I am pleased to say that 15 years later, my
insurance needs are still met with the same interest and attention as they
were in 1989!
- L. Riddell, PQ
More testimonials
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TERM
LIFE INSURANCE ARTICLES
Mortgage
Insurance Plans: How Good Is Yours?
Author:
Ivon T. Hughes
Mortgage insurance,
to pay off a mortgage, is something you'll inevitably be asked to take out
by the bank. Mortgage insurance is necessary so that if something happens
to you or your spouse then your loan will be paid off which is good news
for your family and the bank. Banks act as if doing you a favour by offering
mortgage insurance through their own group plan. Are they?
Mortgage Insurance Is Probably A Much Better Deal From Any Number Of Insurance
Companies.
Mortgage insurance is no different than term life insurance; in fact it is
term life insurance. With either, your policy lasts for a specified period
of time and pays if something happens to you or your spouse if you are both
insured. The real difference is how much control you'll have over your policy
and how much you'll pay for it.
Mortgage insurance offered by the bank, does not allow you to customize a
policy to fit your needs and you'll be lumped together with other borrowers
under a group plan. So, you will have no control over your policy. For example,
through a company of your choice, such as Canada Life or National Life, you
would be able to choose your own beneficiary and decide how to spend the
proceeds. These options are not available with a mortgage taken from a lending
institution. If the insured party dies, the mortgage loan is completely paid
off, even if you need some money for other things.
Additionally, the bank has the right to not renew your policy and to cancel
the policy when you sell the house. Do you want to give up this control as
now you may have become uninsurable?
MORTGAGE INSURANCE COSTS MORE FROM A BANK
Your own premiums will not go up in the life of a 20 year policy so you would
pay the same premium today that you'd pay ten years from now. You won't get
that same guarantee from a bank which can increase your premiums during the
life of the policy. In addition, you could pay as much as 40% more right
now than if you shopped around and found your own insurance provider. Not
to mention that the policy you take out through your bank will gradually
decrease in face value while a plan you select from an outside source will
have the same face value during the entire policy period.
Of course, many people don't mind paying more for their mortgage insurance
because it's more convenient than dealing with insurance agents. But the
truth is that you can easily find a policy that fits your needs and provides
affordable premiums via the Internet. An organization, such as The Hughes
Trustco Group, can generate quotes for you from all the providers so you'll
know that you're receiving the best deal possible on the policy you want.
Mortgage insurance is important and should be part of your home buying or
refinancing preparations, but that does not mean you need to pay more or
let the bank make important decisions for you. Instead, you should find your
own personal plan at a company that you choose which will let you stay in
control of your policy and will save you money in the long run. You can get
a quote right here at Mortgage Insurance.
Back
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: [email protected]
Web: http://www.trustco.ca
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