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Randy K. Harrison
Rory G. Harrison
Jody Parker
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Phone: (613) 736-8686 Cell: (613) 614-3576 Fax: (613) 736-4022
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Bank vs Traditional Life Insurance

1) Life insurance plans are always cheaper than bank mortgage insurance plans?

2) Life insurance companies APPROVE you at issue with the upfront results of a full medical underwriting, leaving NO worries to you ever about any health issue questions at time of claim, where banks are the opposite – they do POST-CLAIM UNDERWRITING, meaning they start to investigate your past health at time of claim (ex: from 20 years ago) leaving many families in financial ruin. (See disturbing video that CBC Marketplace aired in 2008 called Bank Mortgage Insurance “In Denial”.

3) Life (Term) insurance has NO provincial sales tax added where bank mortgage insurance does.

4) Life insurance is portable 24/7 around the world, where your coverage with bank mortgage insurance ends when you refinance, renegotiate, move or sell your home - meaning another worry as you have to re-qualify each time.

5) Life insurance always leaves something left over for your family & loved ones who may not want to pay off the mortgage, where bank mortgage insurance JUST pays off the mortgage benefitting the bank only and not your family.

6) Life insurance payout remains fixed throughout the chosen term (10 years, 20 years, and 30 years), where bank mortgage insurance coverage decreases each month BUT the cost of premiums remains fixed.

7) Life insurance plans you can choose a beneficiary (spouse, children etc.), where bank mortgage insurance you CANNOT – the bank is the beneficiary ONLY.

8) Life insurance plans remain in force usually until age 75, 80, 85 or lifetime, but bank mortgage ins expires when the mortgage is paid off.

9) Life insurance initial terms and renewal rates are GUARANTEED for duration of plan (to age 80 and/or lifetime), where your bank can change your policy and rates at ANY time.

10) Life insurance products can be tailored adding additional benefits & riders (critical illness, permanent, children’s rider, disability rider, accident ins, etc.) to meet your needs & situation, where bank mortgage ins cannot.

11) Life insurance companies reward clients with healthy lifestyle premium discounts (Non-smoker rates, Preferred & Elite discounted rates), where banks do NOT reward you at all for healthy living.

Protect yourself with a Traditional Life Insurance policy (personal or business) today…

CBC Marketplace has warned consumers again about Canadian banks offering imperfect advice, poorly trained & often unlicensed salespeople, and unfriendly insurance products.

 “Educating clients on banks’ mortgage life insurance” 

See NEW investigated report from CBC 

 

 Share the attached pdf BANK MORTGAGE INSURANCE OR TRADITIONAL LIFE INSURANCE?  

Tags: bank_vs__traditional_life_insurance

DISCLAIMER

Implementing a retirement, estate, and any other form of financial plan may consist of investing in mutual funds, insurance products (such as segregated funds) and other financial instruments. Prospective investors should always obtain a copy of the offering documents in respect of each investment product (such as prospectus, information statement or folder, insurance contract, etc.), and read it carefully, including discussion of any risk factors, fees, expenses, terms, conditions and restrictions. Consult your personal tax and legal advisor before investing.

HollisWealth®, a trade name of Investia Financial Services Inc.

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