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última version al 01:04 9 may 2012
So let's get on to a mortgage Stone Ridge Ny Insurance . Did I say mortgage insurance? Ah yes! Yes, it's a unique name given to normal, ordinary life insurance, couched under a very nice sounding name which makes a whole lot of difference to people wary of "life insurance." So, they're not buying life insurance no, no, they're buying mortgage insurance. I wish there were many more such unique names for good old Life Insurance which would persuade people to buy life insurance and protect their loved ones and their estates.
Apparently, people do not want to talk about death; so life insurance is the last topic for discussion unless you get a close call from the Creator, by way of a heart attack or stroke. Mortgage insurance is not mandatory at your bank, or anywhere for that matter. All you have to do is sign a waiver and you're off to the races. The waiver releases the lending institution of its obligations to offer you a plan that would take care of your family in the event you had a premature death.
Let's get back to the statistics. Out of 1,000 people aged 30, 125 will die prior to the conclusion of a 25 year mortgage. And surprisingly, despite having this fantastic name to this very important plan there are thousands of families lacking protection and leaving their dependent families open to the risk of losing their homes. I am certainly glad that due to the plans aggressively marketed by the banks, many families are protected. Or else, there would be thousands of unprotected families who would end up homeless.
If a mortgage is not paid immediately, in the event of your death, it will become a huge liability to the family.
Choices: Let's visit the choices your family would have to make in such a situation.
1. Will the surviving spouse/partner carry on the entire burden of the mortgage and will the bank accept the risk? If two incomes together found it difficult to make both ends meets, how can one income possibly be adequate?
2. The family could sell the house, relocate or rent somewhere else. Will there be a buyer for the house? What about the cost involved in selling the house? Will there be enough money after selling or will the family owe the bank?
3. Sell the house and move in with the relatives. Not the best alternative and how many people have philanthropic, generous relatives willing to take in another family? Not many, I can bet.
4. It's an accepted fact that for most people their house is their most valuable asset and they protect it by way of mortgage insurance.
By the way, I'm sure you have heard this statement from a friend saying that someone they knew had died and that the surviving family does not have any money. You can immediately conclude that those folks did not have insurance and must have probably snubbed many insurance advisors like me. If one truly loves his or her family, a mere $15.00 a month can prevent such an eventuality.
o Why take advice from a bank official, whose experience is not insurance?
Before we discuss the nitty gritty of the plans marketed by the banks and other lending institutions, let's get one thing straight. Would you go to your dentist if you are ill? Or, would you go to your family doctor? True, both are doctors, but their lines of specialty are totally different. Why, then, would a person take advice from a bank official (whose expertise is banking and NOT insurance) to purchase protection of his/her most valuable asset?
Don't get me wrong bank officers may be extremely knowledgeable in the financial aspects of banking related issues, but insurance issues are far beyond their scope. They are only doing their duty by offering the mortgage plans available.
Therefore, getting advice and signing an extremely important document which can affect your entire family's financial future is something you have to take really seriously. Stone Ridge Ny Insurance , on the other hand, is qualified to give you better advice on insurance related issues.
o Plans offered by an Insurance Advisor provide coverage that remains level for the term you select.
Mortgage insurance plans offered by banks relate to your mortgage balance, and obviously as your mortgage drops so does your insurance coverage. In this case, if you are happy about reducing your mortgage, remember that the insurance company is equally happy because this reduces their liability.
Individually acquired plans are tailor made for you personally and so, if you are healthy, you get a better rate. Unfortunately, the plans that banks recommend are group plans. It does not matter how healthy you may be compared to others in the group.
o Plans we offer have premiums guaranteed and cannot be changed by the insurer.
As you might be aware, group plan premiums are generally not guaranteed. Mortgage insurance plans are group plans.
o Individual plans do not reduce their benefits and so the premium remains the same.
Stone Ridge Ny Insurance plans offered by banks relate to your mortgage balance, and as your mortgage drops so does your insurance coverage, as mentioned previously. However, the premiums that the bank charges you remain the same. Does this seem fair?
Most bank plans leave the insurance carrier with loopholes to decline your claim.
o Individual plans will require complete medical check ups done by qualified medical professionals, at the time of application, which will save your beneficiaries from problems later. It also protects your interests and the interests of your beneficiaries at a later date. Qualified Insurance Advisors will coach you on most medical questions so that your answers are accurate and appropriate.
Most bank plans can be set up with a few condensed medical questions which leaves your bank's insurance carrier with loopholes to decline your claim.
o Our plans do not require you to pay additional PST. The premium offered is the final figure, no PST surprise.
Premiums quoted by group insurance plans do not include Provincial Sales Tax. Therefore, just like the rest of your regular purchases PST sneaks in silently to add to your total. So, when you shop for a price, please take this into consideration. A PST of 8% could buy you a lot of additional insurance coverage OR reduce your cost significantly.
With our plans, the premium offered is the final figure no PST surprise.
o The plans offered by an Insurance Advisor insure both spouses separately, and so, insurance is paid on both deaths, for instance in a disaster where both the insured die, two separate death claims in the same amount will be paid, thus doubling the benefit.
Bank mortgage plans are "first to die" plans i.e. the plans pay and cease when one person of the two insured dies. Obviously you would agree that that's the purpose of this insurance. Sure. However, wouldn't you prefer a better option?
For example: a 45 year old male and a 42 year old female insured for a mortgage of $250,000 "first to die" would pay $49.50 per month. By insuring them separately for two amounts, the cost would be about $52.00 per month. Wouldn't you agree that it's worth an additional $2.00 month to double the coverage, so that the beneficiaries receive $500,000? That's the advice you will receive from a qualified insurance professional.
o The plans an Insurance Advisor offers can generally be converted to a permanent plan, without the necessity for further medical evidence. So if you develop a medical condition which would disqualify you for insurance, this feature would be of great importance in the continuation of your insurance policy, thus protecting your family.
