Protect Your Family When You Die
As you age, you think more about what you will leave for your family when you pass away. Your legacy is important, and once you’re gone, you want to ensure your finances are in order. You don’t want to burden your family with debt from your mortgage.
Leaving mortgage debt can be difficult for your family to manage without the proper insurance. If your mortgage is already paid off, you still want to ensure your family has money to cover other expenses such as funeral costs, loss of income, additional living costs, and figuring out your state.
These additional expenses are NOT covered with an insurance policy through the bank. A bank’s credit-life policy only covers the mortgage repayment, and nothing else.
Having mortgage-life insurance through an independent agency on the other hand, will guarantee your families financial security if the unexpected happens.
There are many reasons why insurance through the bank may NOT work in your favor. With a bank owned mortgage insurance policy:
- Once you pay off your mortgage you lose your coverage completely.
- Coverage continually declines as you pay off your mortgage – you only receive payment on your remaining balance.
- Your insurance is voided if you ever default on your mortgage.
- Payments from a claim go straight to the bank – your family receives nothing.
- Bank owned insurance is post-underwritten - they only determine insurance eligibility after death, meaning approval of your claim is NOT guaranteed.
- The banks own the policy, and are the sole beneficiary of funds – your family gets no choice with how the money is spent.
- The bank has a strict age limit – your coverage expires after age 69 or 70.
If you’re thinking about what you want to leave behind, you want to ensure your coverage guarantees money will be left for your family. Insurance should not only be about covering your mortgage, it should help cover any expense associated with the death of a loved one. Choosing a mortgage-life insurance policy will put the money directly into the hands of the family members you choose to receive it.
If you have paid off most of your mortgage, those benefits can be used for other areas such as education, other investments, or paying off high interest loans. And if you want to move, your insurance coverage moves with you.
Your insurance should work for you and your family, not the bank. Give your family the peace of mind with the insurance coverage they deserve. Speak with an insurance advisor to get your policy options today.
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Why Worb Financial?
Custom Solutions Tailored To Your Needs
We do not believe in a "one-size fits all" approach to Insurance, and will always bring you the best options for your unique situation... Even if this means recommending another provider.
Family Owned & Focused
We are a small team of dedicated professionals who treat each and every client like they are family. No matter what, we will help you understand your options and most importantly the importance of life insurance.
Canada-Wide Service
Licensed in Manitoba, Ontario, and British Columbia so we can serve you best no matter where you are.
LIFE INSURANCE
Life is unpredictable and amazing. We have the skills and knowledge to help you discover the best options and coverage.
EMPLOYEE BENEFITS
We’ll assess your companies needs and help you pick the right coverage to keep your staff happy.
FINANCIAL ADVICE
While you may have an idea of where you want to invest your money, it’s our job to know.
CRITICAL ILLNESS INSURANCE
Health risks are real, which means it’s important to be covered and prepared. While it’s not ideal to think about, it is important.
About Blair
Blair Worb
Blair Worb, Worb Financial’s CEO and owner, has been practicing life insurance for over 27 years and opened Worb Financial in 2000. Blair tenaciously seeks the best solutions and solves problems for his clients. He assists individuals, groups, and small businesses, providing employee benefits consulting for companies ranging in size from 3 - 100 employees.
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