What if I switch mortgage lenders?

MORTGAGE PROTECTION

Most mortgage lenders will give you the option to apply for mortgage insurance directly through them. But before you finalize your mortgage, think about how different their policies are from ours.

The bank pays out the mortgage, your family gets nothing.

You, your partner and your children – even those who are not responsible for paying your mortgage

Bank:

Goldkey:

What does the insurance cover?

Who gets the benefit if I die or become ill?

You may need to apply for new insurance which would be based on you age at the time

You decide who gets the insurance benefit and how it's used – to pay your mortgage, medical expenses or your child's education – whatever is best for you and your family

What is the premium difference?

You may need to apply for a new policy which will be based on your age at time

Premium is based on the original loan amount, even though each year your loan is reduced, the premium is not. Claim amount is paid based on balance of mortgage.

Premium is the same for a fixed term, claim amount will be the same amount throughout the term, even though your loan amount reduces you still get paid full.

You and your family are beneficiaries, so the coverage follows you regardless where your mortgage is.