Wrong. Some providers allow you to port the insurance, not only the insurability. So the fact that the covered amount declines over time while premiums stay the same is robbery, but premiums that increase substantially every 5 or 10y to cover the same amount is not?!wesboag wrote: ↑I can "sell" mortgage life insurance all I want and I am a financial advisor, but I don't. Declining balance insurance, where the premium always remains the same is robbery in my opinion. Coupled with the fact that if you need/when you switch lenders (which 99% of people will do) say goodbye to your coverage. Your premiums are re-set; your insurability is re-checked, hope that you are still insurable.
If you buy coverage to protect the balance of your mortgage, say 400k, what else do you expect the bank to do? If it was bought to cover the mortgage, it will be used to pay for it. This is why you buy $500k life insurance from an agent and 350k for your mortgage. If something happens, the house is paid for and the wife keeps the 500k.
And that's why we dont sell "regular" insurance policies.wesboag wrote: ↑The final issue is how it is sold. These individuals simply are not licensed insurance agents yet they are recommending products for the very purpose of protecting ones family. I don’t agree with it and I never will. I do not sell mortgages even though I can at my firm. It’s the same as I don’t think unlicensed mortgage agents should sell this sort of coverage even though they can. Again this is just my opinion. We can agree to disagree.
Now you mentioned in the previous post the following :
ALWAYS buy your life, CI and DI policies from an actual insurance company (or the banks insurance arm) as real independent policies. Do this through an experienced advisor, not some mortgage agent trying to pad their pockets or a financial services rep with nothing more than a grade 12 education and a sales target.
So you dont "pad your pocket" when you sell insurance? I get paid a ONE time compensation of 3 months premium, so if I sell a $100.00 monthly premium I get $300.00. How much do you get for that?
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Mortgage Intelligence - FSCO# 10428