Mortgage Facts
insurance box ?until you read this!
Washburn Financial
The original life insurance amount purchased is your payout. Payout is based on declining mortgage balance. You own the insurance contract and premiums are guaranteed. Premiums can change without your consent. You have control. You direct your funds where you want them to go. ie: to pay off a car payment or student loan, etc. Mortgage insurance can only be used to payout a mortgage balance. Private insurance can be designed to return your premium as part of a solid financial plan. Not an investment instrument. Private insurance coverage is transferable, with or without a mortgage. Changes in your health could result in lower payout and more expensive coverage at the end of your term. We consider your complete insurance situation and are confident your overall payments will be lower, resulting in better coverage. Premiums over the life of the mortgage can be higher than premiums from private insurance contracts. How do you know if you are paying too high a premium? Unexpectedly selling your home does not end your debt protection. Your life insurance benefits remain intact. Discharging the mortgage will end your insurance benefits. Certified insurance specialists help you plan, consolidate and understand the insurance you are applying for. Seldom do you meet with a certified specialist in insurance matters. Mortgages on property owned by a company and insured privately can permit you to get a significant percentage of the proceeds out on a tax-free basis, through the capital dividend account (CDA). Get the facts first! Corporate tax planning is not available.
