Mortgage protection through a Gillons life insurance partner versus a bank or credit union are not the same.
Check out the differences and see how you can benefit from life insurance through Gillons:
Gillons Life Insurance Partner | Bank or Credit Union |
Protects your family. | Protects the bank. |
Controlled by you. | Controlled by the bank. |
Fully portable: transferable to any house. | Runs out when house is sold or traded. |
Flexible: upon death, your family has the option of paying off the mortgage or investing the funds. | Inflexible: the mortgage must be paid off regardless of interest rates and other investment opportunities. |
Allows shopping for better interest rates when mortgage renews. | No shopping: unless you are willing to pay higher premiums and are insurable. |
Choice of plans and benefits. | Limited choices. |
Choice of amount of coverage and face amount does not decrease as the mortgage is reduced. | Coverage must be equal to the mortgage amount and decreases as the mortgage is reduced (premium does not!). |
Coverage is convertible & renewable. | Non-convertible. |
Stable: 30-day grace period for missed premiums. | A missed mortgage payment often means lost coverage. |
Underwritten at time of application. | Underwritten post claim. |
Expert advice: You deal with a professional licensed insurance advisor that can take a comprehensive approach to your insurance. | You deal with a banker about insurance matters. |