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Mortgage Insurance Plans: How Good Is Yours?
Mortgage insurance, to pay off a mortgage, is something you'll inevitably be asked to take out by the bank. Mortgage insurance is necessary so that if something happens to you or your spouse then your loan will be paid off which is good news for your family and the bank. Banks act as if doing you a favour by offering mortgage insurance through their own group plan. Are they? Mortgage Insurance Is Probably A Much Better Deal From Any Number Of Insurance Companies. Mortgage insurance is no different than term life insurance; in fact it is term life insurance. With either, your policy lasts for a specified period of time and pays if something happens to you or your spouse if you are both insured. The real difference is how much control you'll have over your policy and how much you'll pay for it. Mortgage insurance offered by the bank, does not allow you to customize a policy to fit your needs and you'll be lumped together with other borrowers under a group plan. So, you will have no control over your policy. For example, through a company of your choice, such as Canada Life or National Life, you would be able to choose your own beneficiary and decide how to spend the proceeds. These options are not available with a mortgage taken from a lending institution. If the insured party dies, the mortgage loan is completely paid off, even if you need some money for other things. Additionally, the bank has the right to not renew your policy and to cancel the policy when you sell the house. Do you want to give up this control as now you may have become uninsurable? MORTGAGE INSURANCE COSTS MORE FROM A BANK Your own premiums will not go up in the life of a 20 year policy so you would pay the same premium today that you'd pay ten years from now. You won't get that same guarantee from a bank which can increase your premiums during the life of the policy. In addition, you could pay as much as 40% more right now than if you shopped around and found your own insurance provider. Not to mention that the policy you take out through your bank will gradually decrease in face value while a plan you select from an outside source will have the same face value during the entire policy period. Of course, many people don't mind paying more for their mortgage insurance because it's more convenient than dealing with insurance agents. But the truth is that you can easily find a policy that fits your needs and provides affordable premiums via the Internet. An organization, such as The Hughes Trustco Group, can generate quotes for you from all the providers so you'll know that you're receiving the best deal possible on the policy you want. Mortgage insurance is important and should be part of your home buying or refinancing preparations, but that does not mean you need to pay more or let the bank make important decisions for you. Instead, you should find your own personal plan at a company that you choose which will let you stay in control of your policy and will save you money in the long run. You can get a quote right here at Mortgage Insurance. Ivon T. Hughes, The Hughes Trustco Group Ltd.
MORE RESOURCES: table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/0-0fd=Rurl=http://www.marketwatch.com/news/story/Concepta-Insurance-Consolidation-Facility-Receives/story.aspx%3Fguid%3D%257BA57DE931-71AA-415F-8F0F-098E52AFB6F6%257Dcid=1276665993ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNHfMCAJQMIn-nvjlp2LO7L1oECAZQConcepta bInsurance/b Consolidation Facility Receives DOJ Clearance/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr5 hours ago/nobr/fontbrfont size=-1This new approach, to be implemented by Concepta Services (an Ivy Capital Group subsidiary), will enable large policyholders to access binsurance/b capacity b.../b/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/1-0fd=Rurl=http://newsblogs.chicagotribune.com/triage/2008/12/health-insuranc.htmlcid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNE4ZP82HD3dYpygVzo9GjYdyxSwzAHealth binsurance/b sticker shock hits consumers/abrfont size=-1font color=#6f6f6fChicago Tribune,nbsp;United Statesnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1Health binsurance/b sticker shock overcame Mickey Trznadel when he opened an envelope from Blue Cross and Blue Shield of Illinois earlier this year, b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-1fd=Rurl=http://www.marketwatch.com/news/story/Blue-Cross-Blue-Shield-Michigan/story.aspx%3Fguid%3D%257B5379FA18-BBBE-4084-A40A-AB5CFFB0BDAD%257Dcid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNERhDm9VWEGOGkE458CJomxOsB2-wBlue Cross Blue Shield of Michigan Answers Attorney General/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-2fd=Rurl=http://www.mlive.com/annarbornews/news/index.ssf/2008/12/blues_michigan_ag_continue_hea.htmlcid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNESwGUmYz4BrzCRcKtFt6c_w8RPWgBlues, Michigan AG continue health binsurance/b fight/a font size=-1 color=#6f6f6fnobrMLive.com/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-3fd=Rurl=http://www.mlive.com/kzgazette/news/index.ssf/2008/12/blue_cross_blue_shield_of_mich.htmlcid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNE6hvk71B7AbEM4mRRI0lrYcx5ZLgBlue Cross Blue Shield of Michigan continues push for health b.../b/a font size=-1 color=#6f6f6fnobrKalamazoo Gazette - MLive.com/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/1-4fd=Rurl=http://www.freep.com/article/20081201/FEATURES08/81201068cid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNHRvk5gQeiZ96texalAw6rm8RbasQnobrDetroit Free Press/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/1-5fd=Rurl=http://www.crainsdetroit.com/article/20081201/FREE/812010270/-1cid=1276133500ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNHaPIKDxCbXtx7XijKMw7DCLgjh9gnobrCrain's Detroit Business/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276133500hl=ennobrall 23 news articles/nobr/a/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/2-0fd=Rurl=http://www.nytimes.com/2008/12/01/health/01rounds.htmlcid=1276585695ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNFvVf6yyYPTqF8vBhKjtfavEANR3wMorning Rounds Rising Stress Levels, Limited Health bInsurance/b and b.../b/abrfont size=-1font color=#6f6f6fNew York Times,nbsp;United Statesnbsp;-/font nobr12 hours ago/nobr/fontbrfont size=-1b.../b and Blue Shield of Florida have started offering low-cost plans for people who can#39;t afford comprehensive health binsurance/b, The Miami Herald reports. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/2-1fd=Rurl=http://www.kaisernetwork.org/daily_reports/rep_index.cfm%3FDR_ID%3D55799cid=1276585695ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNEU08VCz9lAfw5c1B1w-dU0-nHTDwConsensus for Universal Health Care Coverage Appears To Be b.../b/a font size=-1 color=#6f6f6fnobrKaiser network.org/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276585695hl=ennobrall 4 news articles/nobr/a/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/3-0fd=Rurl=http://seattletimes.nwsource.com/html/businesstechnology/2008457035_webworkcomp01.htmlcid=1276709831ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNEg2H4H8X5Z0fpitGOf_SBFDGjP-QPremiums for workers#39; comp binsurance/b to rise 3%/abrfont size=-1font color=#6f6f6fSeattle Times,nbsp;United Statesnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1The state Department of Labor and Industries said Monday that premiums for workers#39; compensation binsurance/b will rise an average 3 percent. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-1fd=Rurl=http://www.insurancejournal.com/news/midwest/2008/12/01/95916.htmcid=1276709831ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNGFjOFX2Uopkf1rginisCmZbuGmawNational Study: North Dakota Workers#39; Comp Premiums Lowest in Nation/a font size=-1 color=#6f6f6fnobrInsurance Journal/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276709831hl=ennobrall 2 news articles/nobr/a/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/4-0fd=Rurl=http://crimeblog.dallasnews.com/archives/2008/12/drivers-without-insurance-will.htmlcid=1276651736ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNFTU4LBdX37l_nMfQ7LTpRdQFJNgADrivers without binsurance/b will have their vehicles towed after Jan. 1/abrfont size=-1font color=#6f6f6fDallas Morning News,nbsp;TXnbsp;-/font nobr9 hours ago/nobr/fontbrfont size=-11, those who do not have binsurance/b will have their vehicles towed when stopped for a traffic violation. DALLAS - Drivers with no proof of binsurance/b will b.../b/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/5-0fd=Rurl=http://www.ohio.com/news/ohiocentric/35311174.htmlcid=1276563314ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNEzzoZlOd4U9NJrCu8S0vqtMco4MwState warns about auto binsurance/b phone scam/abrfont size=-1font color=#6f6f6fAkron Beacon Journal,nbsp;OHnbsp;-/font nobr10 hours ago/nobr/fontbrfont size=-1By Associated Press COLUMBUS: The Ohio Department of bInsurance/b is warning about a telephone scam targeting auto binsurance/b customers. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-1fd=Rurl=http://www.portclintonnewsherald.com/article/20081201/UPDATES01/81201011cid=1276563314ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNFhUDPZJaQJkQT3KtutEpe3zKloRAODI reminds people to avoid phone scams/a font size=-1 color=#6f6f6fnobrPort Clinton News Herald/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-2fd=Rurl=http://news.mainetoday.com/updates/036487.htmlcid=1276563314ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNGoaaQE_XGcAL0W-mG0-Bq4kzMnhgWells police warn of uptick in financial scams/a font size=-1 color=#6f6f6fnobrMaineToday.com/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276563314hl=ennobrall 48 news articles/nobr/a/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/6-0fd=Rurl=http://www.marketwatch.com/news/story/Navigators-Expands-Strengthens-Professional-Liability/story.aspx%3Fguid%3D%257B4F529A16-E04A-4775-AA42-5686382EC6EF%257Dcid=1276535309ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNFFmkC-UK6B7Qt1_GAlN8P7CEXJwwNavigators Expands and Strengthens Professional Liability Division/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr13 hours ago/nobr/fontbrfont size=-1quot;Demand for Navigators#39; innovative professional liability binsurance/b solutions has increased due to a recent flight to quality for stronger financial b.../b/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/7-0fd=Rurl=http://www.marketwatch.com/news/story/Prudential-PLC-eyes-AIGs-Taiwanese/story.aspx%3Fguid%3D%257B778FAD3B-CAC7-4100-A8FF-9AD88A64BE1F%257Dcid=0ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNH1M2wSBx8WTfLKfHuCVED-8_a8rAPrudential PLC eyes AIG#39;s Taiwanese life binsurance/b unit/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1By MarketWatch , , ) Taiwanese life binsurance/b unit, Nan Shan Life bInsurance/b Co., the Economic Daily News reported Tuesday, citing unnamed market sources. b.../b/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/8-0fd=Rurl=http://www.sltrib.com/sports/ci_11096492cid=1276073443ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNH5v84Q9UjBtr0GPGp_HzIVIO0TjAState wants college students to get health binsurance/b/abrfont size=-1font color=#6f6f6fSalt Lake Tribune,nbsp;United Statesnbsp;-/font nobrNov 30, 2008/nobr/fontbrfont size=-1By Lisa Rosetta The state is considering requiring higher education students to have health binsurance/b. Dr. Jim Davis, director of the USU Student Health and b.../b/font/div/font/td/tr/table table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://www.marketwatch.com/news/story/RAM-Holdings-Announces-Commutation-106/story.aspx%3Fguid%3D%257B9D7DCB31-D941-49D7-B5AC-EADCC49E7DFF%257Dcid=1276661145ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNGu8MlbSC8X27VGXgG0amkK3u0J4QRAM Holdings Announces Commutation of $10.6 Billion Par MBIA b.../b/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr41 minutes ago/nobr/fontbrfont size=-1As a result of the MBIA commutation, we have reshaped our binsurance/b portfolio by reducing our overall exposure to ABS CDOs and 2005 - 2008 vintage US RMBS b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.marketwatch.com/news/story/IPC-Holdings-Ltd-Appoints-New/story.aspx%3Fguid%3D%257B0D43782B-483C-4C16-9FD9-ECA7B74DC4B9%257Dcid=1276661145ei=Eag0ScCgH43I9ASY7P2qDAusg=AFQjCNF35HzaG16ZOU_ReV-o6o9WQo1kdAIPC Holdings, Ltd. Appoints New Director/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1276661145hl=ennobrall 15 news articles/nobr/a/font/div/font/td/tr/table Insurance - Google News |
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