Insurance

Insurance - All The Information You Need On Insurance

Mortgage Insurance Plans: How Good Is Yours?


Insurance

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.

Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001
Email: info@trustco.ca
Web: http://www.hughestrustco.com







Car Insurance Rates   |   Dental Insurance   |   Health Insurance   |   Home Owner Insurance   |   Life Insurance Quote



| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |











Homeowners Insurance At A Glance
At first glance, homeowners insurance may seem perplexing and quite overpowering. Understanding your policy is crucial to know what you are actually purchasing, and also an extremely important part of owning a home. A homeowners insurance policy provides financial security against disasters, as well as insures the home and the possessions kept within.A basic homeowners insurance plan consists of four major types of coverage. These include: Home structure, coverage for personal belongings, liability protection, and living expenses in the event you cannot reside in your home as a result of...(related: Insurance)


Entrepreneurs, Fill In The Gaps Of Your Homeowners Policy
Business Owners Policies for the Self-EmployedWho needs a business owner's policy?Simple, anyone that runs a business from ...(related: Insurance)


General Knowledge - Critical Illness Insurance
Critical illness can happen to anyone, and often does. If you are diagnosed with a critical illness, recovery should be your first concern. Having Critical Illness Insurance will allow you to focus on your health, because it can take the stress of worry about mone...(related: Insurance)


Life Insurance No Medical Exam - Is It Really Possible?
Quite often you feel that an ad for life insurance no medical exam is trying to rip you off. However, it is possible to get life insurance no medical exam when you shop online for your life insurance needs. It is only a click away on a computer, but you really do need to check to see if life insurance without having to visit a m...(related: Insurance)


Uk Young Driver Motor Insurance - Build Your Own No Claims Bonus Or Insure Through Your Parents
For may young drivers, affording the costs of motor insurance is an issue. With first time insurance costs running to several thousands of pounds in some instances, it is no wonder that younger motorits are looking for ways to keep premiums down.There are many legitimate ways of doing this. Young drivers shoudl look at the type of cover they need, consider the pass plus course and their first car should have as small an engine as possible to keep the cost low.However many young drivers look to insure in their parents name in an effort to make their first policy affordable.If the main driver is a young driver, most companies will insist that they ...(related: Insurance)


Inexpensive Life Insurance To Protect What You?ve Earned
Adequate life insurance to cover your income producing ability is a product that is really needed today to give peace of mind. Life insurance was originally conceived to protect a man's family when his death left them without income. Over time is has developed into a variety of policy plans. In a "whole life" policy, fixed premiums are paid throughout the insured's lifetime; this accumulated amount, augmented by compound interest, is paid to a beneficiary in a lump sum upon the insured's death; the benefit is paid even if the insured had terminated the policy. Under "universal life," the insured can vary the amount and timing of the premiums; the funds compound to create the death benefit.With "variable life," the fixed premiums are invested in a portfolio (with earning reinvested), and the death bene...(related: Insurance)


Choosing Affordable Health Insurance For Children
In most cases, private health insurance comes through a person's employer, who picks up the majority of the cost of premiums. However, today many people, who are either self-employed or who work for a company that doesn't offer health insurance, find it necessary to obtain quality affordable health insurance for children.There are a wide range of plans and offerings of affordable health insurance for children and it's necessary to pick and choose from among the many plans available. For example, if you feel your family may need alternative health options such as massage therapy or acupuncture, you'll want to make sure your plan covers these choices.Affordable...(related: Insurance)


Is Purchasing Travel Insurance Smart?
To answer the question "is purchasing travel insurance smart?" let's look at what insurance is.When you purchase insurance - health insurance, homeowner's insurance, car insurance, life insurance, or travel insurance - you're not making an investment. It's not the same as going to the bank and depositing money and expecting to reap financial rewards at some point. No, any insurance including travel insurance is about sharing risk in case of unforeseen catastrophic events.For thousands of years, risks have been shared during times of tragedy. The first formal insurance company, Lloyd's, was formed in 1769, and their insurance concept remains today - to gather the premiums of clients as a pool of resources to return to clients who experience covered events.Is purchasing ...(related: Insurance)


Medical Insurance - Health Insurance Coverage & Plans Explained
If you're trying to decide between health insurance plans, you'll find that there are several different kinds from which to choose. It's important that you weigh ...(related: Insurance)


How Can I Compare Life Insurance Quotes?
The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life insurance quotes to see where you can save money with one over the other. To compare life insurance quotes, all you have to do is request a quote from as many companies as you...(related: Insurance)






Google




What Is Life Insurance?
Life Insurance is an insurance policy that provides an agreed amount of cover over an agreed term, so that should you die during the policy term, a lump sum is paid out. Life insurance is co...(related: Insurance)

Consumer Driven Health Plans [ Cdhp ]
Do you know that skyrocketing health care costs have been draining the federal government and employer's exchequers over the last couple of years? The health care costs account for 15.5 percent of U.S GDP and is the most expensive benefit paid by employers, seriously affecting their competitiveness in the global market. Health care spending is projected to top $1.9 trillion in 2005, about twice the amount being spent on education. According to the Employment Policy Foundation, employers have spent $331 billion last year for health insurance, a 50 percent increase since 1998. All of these never-improving alarming statistics did result in de...(related: Insurance)

Auto Insurance In Texas
If you are looking for auto insurance in texas, you might want to check out golden rule insurance company who offers cheap auto insurance online. Of course there are plenty of other companies that also offer affordable rates, but first you should understand Texas auto insurance requirements.Texas is a tort state, which means that the driver is financially responsible for any damage and injury they ca...(related: Insurance)

site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance