Bank Mortgage Life Insurance? ... Not A Great Deal!
Bank Mortgage Life Insurance is an example of a questionable service offered in the banking industry. Banks sell life insurance, which I strongly recommend to my clients to NOT purchase through the bank.
Know why? It costs more and you get less. It tends to be higher priced than private insurance bought through an arms-length insurance agent (you know, so the banks can boost their profits) and it's offered right there as an up-sell when you're "already getting something done".
It's so easy and convenient, but it pales in comparison to that of an independent insurance policy. The bank is in it to make money, not to safeguard your future.
The result can be insurance that only covers whatever is outstanding on the mortgage at the time and in the event of death or injury. Meaning you pay, pay pay premiums for years (premiums that only increase with each passing term, by the way) and your actual pay-out coverage goes down, down , down as your mortgage balance does down.
The bank gets theirs, and you, well, whatever. That's not their problem. It's your problem.
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