The pitfalls of buying insurance from your lender are so serious the CBC did a special advisory on why you should NEVER buy your life, disability or critical illness insurance from your Bank, Lending Institution or Mortgage Broker! Watch this Video or visit the original story … ‘click here’
Your bank or lender will offer you mortgage insurance and may even make you think it’s required for the loan… do you know why this is NOT the best option for you or your family?
Did you know that most bankers are NOT licensed Life Insurance Agents? In other words… not licensed to give life insurance advice and more importantly – not accountable to you for that advice.
In most cases – You will save money and get more life insurance coverage by purchasing an individual term life insurance policy from a life insurance broker instead of your lender.