🏠 Why Mortgage Insurance from the Bank Isn’t Always the Best Option
Buying a Home is a Big Milestone – Protect it Wisely
Buying a home is one of life’s most significant investments. Naturally, you want to ensure your family is protected if the unexpected happens. Many banks and lenders offer mortgage insurance to help homeowners feel secure.
But here’s the catch: bank mortgage insurance primarily protects the lender, not your family, and it may not always give you the flexibility, value, or control you need.
This is where personal life insurance from a dedicated advisor like United Life Financial can make a real difference.
🔹 1. Who Owns the Policy Matters
When you buy mortgage insurance from the bank:
The lender owns the policy, not you. The beneficiary is the bank. The payout is limited to your outstanding mortgage balance, leaving no extra for your family’s other financial needs.
With personal life insurance, you own the policy, and your family is the beneficiary.
They receive the full tax-free benefit, not just enough to pay off the mortgage. They can use it for living expenses, education, debt repayment, or any other needs.
Ownership equals control, and with personal insurance, you decide how the benefit is used.
🔹 2. Dedicated Advisor and Personalized Service
When you choose personal insurance with United Life Financial, you are paired with a dedicated advisor who understands your unique situation.
Your advisor will:
Review your mortgage, income, lifestyle, and family needs. Design a policy customized for you, instead of a one-size-fits-all bank product. Help you compare multiple plans, find the best rates, and explain every detail in plain language.
This personalized approach ensures your coverage is truly aligned with your family’s long-term financial security, not just the mortgage balance.
🔹 3. Flexible, Customizable Coverage
Bank mortgage insurance is rigid: the coverage amount is fixed, tied to your mortgage, and decreases over time as you pay down your loan.
With personal life insurance, you can:
Choose the coverage amount that truly meets your family’s needs. Select the term length (10, 20, 30 years) that fits your mortgage or financial goals. Add riders or additional coverage like critical illness or disability protection.
You’re in control — the policy grows and changes with your life, not the other way around.
🔹 4. Portability and Guaranteed Coverage
Bank mortgage insurance is tied to your lender. If you refinance, switch banks, or move, your coverage may be lost or reduced.
With personal life insurance:
Coverage stays with you, no matter which lender or property you move to. Premiums are predictable, and your coverage does not decrease over time. Once approved, your coverage is guaranteed for the term you choose — no surprises if your health changes.
🔹 5. The Advantage of a Dedicated Insurance Advisor
One of the biggest benefits of personal life insurance is having a dedicated advisor who works for you, not the bank. At United Life Financial, your advisor is your personal guide throughout the insurance process.
✅ Personalized Assessment
Reviews your mortgage, income, debts, lifestyle, and family goals. Identifies gaps in coverage and recommends a plan tailored specifically for your situation.
✅ Policy Customization
Choose the amount of coverage that truly protects your family. Select the term length that matches your mortgage or long-term financial plans. Add optional riders like critical illness, disability, or accidental death coverage.
✅ Step-by-Step Guidance
Explains every detail in plain, understandable language. Guides you through applications, underwriting, and policy issuance.
✅ Long-Term Support
Your advisor stays in touch over the life of your policy. Adjusts your coverage if your family situation, mortgage, or health changes.
✅ Advocating for Your Family
Works for you, not the lender. Maximizes value for your premium. Ensures your family receives full financial protection, not just enough to pay the mortgage.
🔹 6. Better Value and Financial Security
By working with a dedicated advisor, you often pay less for better coverage. Unlike bank mortgage insurance, personal life insurance protects your entire family’s financial future, not just your mortgage.
You gain peace of mind knowing:
Your family is fully protected. You have a trusted advisor to answer questions and make adjustments as your needs change. Your coverage is portable, flexible, and fully under your control.
💡 The Bottom Line
Bank mortgage insurance mainly protects the lender. Personal life insurance protects your loved ones.
A dedicated advisor at United Life Financial helps you design a policy tailored to your exact needs, providing flexibility, control, and long-term security.
💬 Take Action Today
Protect your mortgage and your family the smart way. Get instant quotes online and compare multiple plans today.
📞 905-906-7000
📧 info@unitedlife.ca
With United Life Financial, you’re not just buying insurance — you’re gaining a dedicated advisor committed to your family’s future.
