Exciting times are ahead as you start the search for your dream home! You’ll spend the next while analyzing your family’s housing needs, calculating how much real estate you can afford and shopping for the best mortgage rate. While you’re working on the to-do list, take some time to consider the type of mortgage insurance product that best meets your family’s needs.
To start, the mortgage insurance your lender will try and sell you may not be the ideal solution. Insurance should be designed to support your loved ones. However, unless you consider your bank a “loved one,” you might want to consider another option.
An individually-owned term insurance plan, like Manulife’s Family Term, offers you better guarantees and greater choice of coverage options, regardless of your mortgage balance.
Best of all, you can designate your loved ones as beneficiaries under the policy. This means the insurance benefits go directly to them upon your death, and they decide how best to use the money.
If you already have mortgage insurance in place through your lender, we would be happy to review this with you as well and compare the coverage and costs to Manulife’s Family Term coverage.