TO KEEP A ROOF
OVER YOUR HEAD.

1. What is mortgage insurance?

Mortgage insurance is a protection offered by banks and lenders that serves to pay off your mortgage loan in case of death. It is directly tied to your loan, and the beneficiary is always the lending institution.

2. Is life insurance more advantageous than mortgage insurance?

Mortgage insurance only protects the lender by paying off the remaining balance of your mortgage in case of death, while personal life insurance protects your family by providing them with a fixed amount that they can use as they see fit. By evaluating your situation, I can help determine the best alternative to mortgage insurance.

3. Why is mortgage insurance less advantageous compared to personal life insurance?

• Decreasing coverage: The covered amount decreases over time as your mortgage balance declines, whereas your premiums remain the same. With personal life insurance, the insured capital remains fixed.
• Limited beneficiary: Mortgage insurance pays directly to the bank, whereas personal life insurance allows your loved ones to receive the money and use it as needed.
• Higher cost: Mortgage insurance premiums are often higher than those of personal life insurance for comparable coverage.
• Lack of flexibility: If you change financial institutions, you often need to take out a new insurance policy, possibly at a higher cost due to your age and health condition.
• No in-depth medical underwriting: Mortgage insurance is often obtained without an in-depth medical evaluation at the start, but the insurer can deny a claim later if undisclosed pre-existing conditions are discovered.

4. Can I refuse my bank’s mortgage insurance?

Yes, you are not required to take the mortgage insurance offered by your lender. You can choose a personal life insurance policy for better protection that is tailored to your situation.

5. Can I cancel mortgage life insurance?

Yes, of course! I can even help you with that!

6. What happens if I pay off my mortgage early?

With mortgage insurance, the coverage disappears once the loan is fully paid, meaning you have paid premiums for protection that no longer exists. In contrast, personal life insurance remains in effect as long as you pay the premiums, and the insured capital does not change.

7. Why is personal life insurance more beneficial?

• You choose the beneficiary (spouse, children, heirs, etc.), not the bank.
• The payout amount does not decrease over time.
• You can use the sum to pay off your mortgage or cover other expenses depending on your family’s needs.
• It follows you even if you move or change lenders.
• It usually offers better guarantees at a more competitive cost in the long term.

8. How can I get personal life insurance suited to my needs?

A financial security advisor can help assess your needs and find the best coverage based on your situation, budget, and financial goals.

If you’d like to learn more about the benefits of personal life insurance, contact me for a free, no-obligation consultation!

9. Why should I avoid bank mortgage insurance?

An independent advisor will offer you customized solutions that are often more advantageous than those provided by banks.

10. How do I choose a life insurance policy to protect my mortgage?

To properly protect your mortgage with life insurance, start by evaluating your financial needs and situation with an independent financial security advisor. They will help you:

• Determine the ideal coverage amount (mortgage + other financial needs).
• Select a policy with guaranteed premiums and stable coverage.
• Ensure that your loved ones are the beneficiaries, not the bank.
• Get a policy that follows you, even if you change lenders or pay off your loan.

An independent advisor will provide customized solutions that are often more beneficial than those offered by banks.