Insurance Advantage Offers Dependable Life Insurance on Mortgage Plans

Toronto, Ontario (December 16, 2013) – Insurance Advantage is offering life insurance on your mortgage for people who want to make sure they leave no debt behind. With this type of policy, an outstanding mortgage can be completely paid off in the event that the insured passes away.

Generally, banks offer insurance to individuals who get a mortgage through the bank. Most people readily accept the policy being offered without much thought or hesitation. Unfortunately, there are risks involved in accepting these offers, as explained in a CBC Marketplace episode entitled “In Denial.” The serious pitfalls include denied coverage as a result of post-event underwriting on the part of the bank. Post event underwriting means the bank only asks a few questions during the application process and then when a death occurs they begin investigating how the questions were answered by combing through your medical files. If they find inconsistencies they can and will deny the claim and deem your policy NULL AND VOID. Two more considerations are: coverage only lasts to age 65 or 70 depending on the bank and the cost of insurance increases due to the fact premiums remain level while the mortgage decreases with every payment.

Furthermore, there is the risk of having the bank as the beneficiary instead of the insured’s spouse or estate. This risk takes out the insured’s option to continue paying the mortgage monthly using the proceeds from the life insurance. Additionally, bank coverage is non-transferable and non-convertible to other forms of insurance. Purchasing mortgage life insurance from an insurance provider, instead of a bank, will eliminate these risks.

Composed of insurance and financial specialists, Insurance Advantage offers an extensive selection of products and resources that provide personal protection and coverage for tax and estate planning as well as retirement. They guide their clients in choosing plans that are most suitable to their needs, requirements, and financial capabilities.

The company also offers plans for a wide variety of insurance plans including term, permanent, universal life, whole life, seniors Insurance, funeral Insurance and guaranteed issue life coverage to name a few. They also cater to companies and corporations by offering group pension, group benefit plans, and Key-Person Insurance. They also offer living benefits that give protection to people who suffer critical illnesses, need long term care or injuries that lead to a disability.

People looking for some of the best mortgage life insurance plans are encouraged to visit www.InsuranceAdvantage.ca. Through the website, they will learn more about their options and be able to request a free, no-obligation quote.

About Insurance Advantage

Based in the Greater Toronto Area, the company helps companies and individuals secure their future by recommending and providing them with various types of insurance policies. The company carries options from trusted and established names in the industry, including Canada Life Insurance, Sun Life Insurance, Manulife Insurance, BMO Insurance, Empire Life and more.