As a real estate agent I am not directly involved with mortgages or their insurances.
I had a visit the other day from a lady who used to be a real estate agent,Wanda Zayachkowski. She used to work at the same office I did years ago.
Since that time, Wanda has changed careers, she is now selling insurance and during her visit, she told us a bit of what she is doing now.
She told us that some of her findings may be of interest to us, regarding mortgage insurance.
As I am always open to learn and get new ideas, I was all ears, and so was my colleague Dee Pedwell.
Wanda gave us some interesting information that was very interesting and frankly puzzling.
It was information of interest to agents and people who are buying a home and considering buying mortgage protection insurance with their mortgage.
As most people, I had considered buying mortgage insurance a good idea, why wouldn't i be? . But Wanda posed the question;, " is it necessary? and more importantly will it do what you think it will do for you?"
People believe, as I did that buying mortgage insurance meant that if they become sick, or if one of the people on title dies, that the mortgage will be protected or paid for.
After having been on that path for a long time, paying the mortgage payments for many years, why or how could you not be protected?
After all, wasn't that is why you got the insurance in the first place? So that in the case that you became sick and unable to work that you will be protected.
Apparently that is not the case, after all . Both Dee and I were down founded by Wanda's claims.
Wanda who is probably used to people looking surprised at her claims, continued; "You do not have to believe me", she said. She told us to watch this video from CBC to learn the truth about this type of insurance.
I watched the video from Market Place and realized that because this type of insurance is what the industry calls " Post claim underwriting", it does not guarantee that you will qualify, although you are qualified to make payments on it.
Although you may think that you are covered, you may be totally uncovered in any kind of eventuality to protect the security of your lifestyle, by protecting your mortgage.
In Wanda’s experience switching to life insurance can save you money.
"I will have to look into it." and read more about it. We told her.
She added, "why pay premiums for mortgage protection insurance that might not pay when a claim is made?"
She also said that depending on needs the cost for life insurance is often less than mortgage protection insurance. Interesting stuff!
Post claim underwriting, who knew?
It is good to always be open to learn from the people that are the specialists in their fields, that is another reason why networking with other professionals is a smart thing to do.
Everyone wants to build their own home. I am sure you also want to do it but if you don't have enough money to do it then you can take a mortgage. A mortgage loan will help you to build your own home without any hassle.
ReplyDelete