mortgage Insurance
At tomvardyinsurance.ca, we believe it’s very important for a homeowner to have their mortgage insurance privately rather than through a mortgage lender.
Please review the comparison below and judge for yourself.
Bank, Credit Union or Trust Co. |
tomvardyinsurance.ca |
| You are covered by a group policy, owned by the bank. |  You own your policy and control it. |
| The features and provisions of a group plan policy are the same for everyone insured under it. | You may customize your policy and select the type of plan you wish, with the features and provisions you require. |
| The face amount of your policy can only be for the exact amount of your mortgage (no more, no less). | The face amount of your policy remains the same and you may purchase any amount of coverage that you desire. |
| Group coverage is always decreasing term insurance, decreasing as the mortgage declines. Your premiums will remain the same. For Example: If you were to have a $200,000 mortgage over a 20 year term and were to decease 15 years into that mortgage, lets assume you will still owe $50,000 on your mortgage. The financial institution or insurance company would then pay off the $50,000 mortgage. | Your face amount remains the same, no matter how long you’ve owned your home. For example: If you had a mortgage of $200,000 and were to decease 15 years into the mortgage and there was a balance of $50,000 on your mortgage, your private plan would issue your beneficiary a cheque in the amount of $200,000. Your beneficiary can then use these funds anyway they see fit. |
| The financial institution is the beneficiary. | You name your own beneficiary. |
| The bank or issuing company can cancel the group policy at any time. | Only you can cancel your policy. You control it. |
Group coverage will terminate upon the happening of any of the following:
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Your individual policy may be continued as long as you wish. It is a portable plan and can be used to cover any mortgage anywhere. |
| 8% RETAIL SALES TAX ADDED. | EXEMPT FROM TAX. |
Phone: 705-727-8893
E-mail: [email protected]