Why Insure your Mortgage through Archway Insurance?
An Archway Insurance Mortgage Cancellation Plan can ensure that your family will be able to stay in their home if you or your spouse dies before the mortgage is paid off and it offers the best value for your money.
|✓ Protects your family||✓ Protects the bank|
|✓ Gives you a choice of amount of coverage – you choose the amount of coverage you require and the coverage does not decrease as the mortgage is reduced||✓ No choice of coverage amount – coverage must be equal to the mortgage and has a declining balance (decreases as the mortgage is reduced – the price does not!).|
|✓ Underwritten at time of application||✓ Underwritten post claim|
|✓ Gives you control – you own the policy, choose the beneficiary and select the type of coverage you want.||✓ Policy controlled by the bank – the bank is the beneficiary.|
|✓ Is fully portable – your plan will continue when you move and you don’t have to buy a more expensive policy (if you are older).||✓ Not portable – protection runs out when the house is sold or traded.|
|✓ Provides flexibility – upon your death, your family has the option of paying off the mortgage or investing the funds if the economic conditions warrant it.||✓ Inflexible – the mortgage must be paid off upon death regardless of other investment opportunities.|
|✓ Offers you a choice of plans and benefits – you choose the type of policy and benefits you want||✓ Limited choices – limited plans and benefits offered and no conversion privileges|
|✓ Allows shopping for interest rates – upon renewal, you are not tied to one lending institution and can shop around for a better mortgage rate.||✓ No shopping – unless you are willing to pay a higher premium and are insurable.|
|✓ Provides stable coverage – Archway Insurance Life plans have built in grace periods from 30 to 90 days for missed premiums.||✓ No stability – a missed payment often means lost coverage.|
|✓ Coverage is renewable & convertible – term plans can be renewed after the initial term or can be converted to a permanent plan without a medical.||✓ Non-convertible|
|✓ Expert advice – you deal with a professional insurance advisor and all your coverage can be through one broker.||✓ No expert advice – you deal with a banker about insurance matters and your coverage is spread all over.|