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7 Reasons You Shouldn’t Be Caught Dead With Bank’s Mortgage Life Insurance


You just bought a house and the bank approved your mortgage. Now the bank tries to sell you their mortgage life insurance. You’re excited about your new home and you want to protect your family in case something should happen to you, so you buy the insurance thinking you got a great deal. Not only did you not get a great deal, you got stung.
“People assume since the bank gave them a good deal on their mortgage, they also got a good deal on their mortgage life insurance. Not only is it not a good deal it’s a terrible deal,” according to Rino Racanelli, an insurance specialist based in Toronto, Ontario Canada. “Bank mortgage insurance is loaded with fine print that homeowners never read, but if they did and compared it to other insurance plans, they’ll find out there’s a huge difference and they’ve wasted a lot of their hard earned money" According to Racanelli, there are 7 reasons you should avoid the bank’s mortgage life insurance.
Reason # 1–Your bank can cancel your life insurance policy at any time!

Reason # 2–Your bank can change your rates at any time.

Reason # 3-Your insurance decreases every year but your cost remains the same.

Reason # 4-The bank is the beneficiary of your policy, not your loved ones.

Reason #5–Non-smokers pay smoker rates.

Reason #6–Poor advice-most bank employees are not licenced insurance advisors.

Reason #7–If you switch banks for a better rate, you loose your insurance policy.
If you think you’ve been taken advantage of, or if you have any questions about your mortgage life insurance, call Rino at 416-880-8552 for a free review. His website allows homeowners in Ontario a free online insurance quote to see if they got the best deal on their mortgage life insurance. It also gives you pricing on term life insurance without the hassle of having to talk to a salesperson.


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