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We all know that smoking cigarettes is harmful to your physical health.

Did you know that Mortgage insurance from the bank may be harmful to your fiscal health?

Canadian bankers don’t want you to watch this investigative report by CBC Marketplace which explains why so many claims are denied through bank mortgage insurance.

Besides the real risk of having your claim denied, when it comes to your mortgage protection, there’s a better, smarter, less costly alternative to mortgage insurance from the bank.

Personally owned Life Insurance is a much better choice because it costs less and provides many additional and important benefits.

With bank mortgage insurance, coverage decreases as the mortgage decreases but the cost of premiums does not budge.

Effectively, the cost per $1,000 of coverage increases because bank mortgage insurance will only pay the balance of the mortgage outstanding at death.

A life insurance payout remains fixed throughout the term.

Bank mortgage insurance takes good care of the bank, because it typically pays the balance of the mortgage outstanding only to the bank. No one else gets paid.

With life insurance, you decide who gets what. There's something left for your family and loved ones who may not want to pay off the mortgage and only continue mortgage payments.

If you switch mortgage providers, you will need to re-qualify for bank mortgage insurance with the new financial institution.

You will be older, rates will likely be higher than current record lows, and if your health deteriorates you may not even qualify for their mortgage insurance.

Life insurance is owned by you and remains valid no matter how many times you move or refinance.

Bank mortgage insurance typically costs more than life insurance and is subject to Provincial Sales Tax. There is no sales tax on life insurance.

Personally owned insurance can be partially or fully converted at anytime to a permanent insurance program without any medical evidence.

The policy through the bank is always a renewable term policy that ends when you finish paying off your mortgage or end your relationship with that financial institution.

Healthy homeowners with a good family history usually receive discounts on life insurance premiums.

Do you already have mortgage insurance from the bank? It’s not too late!

It can usually be replaced for less than what you are now paying.  But don’t cancel it yet.

Discuss your situation with a certified financial planner with expertise in insurance.

Stop paying too much for inferior coverage from the bank and contact us now to learn more.

Call me toll-free at 1-866-566-2001 or send an email to info@illnessPROTECTION.com

I look forward to helping you and your family.

Stay healthy.