Think before you choose one!

Mortgage Insurance

If you are in a situation where someone advised you to take mortgage Insurance, in that case, we suggest you think about it one more time. Is it really worth an investment? If not, What’s the solution?

What is Mortgage Insurance?

You must be aware of the loan process, basically, if you seek a particular cash amount as a loan from a loan-providing company. In exchange for the Loan, the loan-providing company demands a reliable guarantee from you. Like most people, if you choose to give your property to the bank as a guarantee, they will keep it as a Mortgage.

Now talking about Mortgage Insurance, if you invest in one, suppose any misfortune happens to you. In this scenario, the Insurance you took earlier will pay the mortgage if you die. Irrespective of how much total premium you pay for the Mortgage Insurance, the Insurance will cover only the mortgage amount.

Usually, banks provide this Mortgage Insurance service. 

Is Mortgage Insurance beneficial?

It might seem the Bank’s Mortgage Insurance service is quite beneficial. However, if you do the math, you will understand that this Insurance is nothing but a waste of money. Here are some cons of Mortgage Insurance that make it unfit to choose;

• It is not beneficial in the long run as their advantages decrease with time as the mortgage loan reduces.

• The premium remains the same despite the decrease in the mortgage loan.

• Mortgage Insurance is way too costly than any Insurance. 

• Mortgage protection insurance is too rigid and lacks primary flexibility. If you switch your Lender, you again need to take Mortgage Insurance for that. It is not only expensive but hectic too. 

• After all the struggle, Insurance coverage is not guaranteed, as the coverage criteria of default insured mortgage are too complex. So, there are possibilities that even if you pay all the premiums, your family won’t get any coverage in the end.

What is the Solution?

If you take a closer look, the core purpose of Mortgage Insurance is not to protect you but the Lender. Though the idea of getting coverage over your mortgage is not bad, at the same time, choosing Mortgage Insurance seems impractical.  

So, what is the solution?

Have you heard about Life Insurance?

In short, this Insurance covers multiple aspects in addition to Mortgage coverage. 

Advantages of Choosing Life Insurance:

• The life insurance mortgage is way too affordable than Mortgage Insurance.

• Other than the coverage, Life Insurance provides a variety of guarantees.

• This Single mortgage life insurance will stay with you until the end of this policy even if you switch your Lender, pay the mortgage, or even sell your home.

• It is way too flexible than Mortgage Insurance. Fundamentally, it is accountable to you other than your debt.

• This Insurance covers Life Insurance along with a Mortgage.

• Your Insurance Recipient will get the whole amount of Insurance and can decide what to do with it.

Why Choose Amit Rana Insurances?

Expert Advice: Mr. Amit Rana is here to advise you on the best plan that fits your needs.

Affordability: Mr. Amit Rana will provide you with the services at the most reasonable prices.

Client before Profit: The aim of the services is to put the client’s goods before business profit.

Accessibility: Mr. Amit Rana is here to connect with you on all working days. Just ring a bell and reach out at your preferred time.