Choosing Mortgage Insurance: River City Insurance vs Your Bank
Not sure where to start when it comes to mortgage insurance? Well, when it comes to deciding between River City Insurance or mortgage insurance through your bank or credit union, there are some important considerations to make ahead of time.
Below we compare and contrast the differences between our insurance and the bank:
River City Mortgage Insurance
- Allows you to shop for better interest rate when your mortgage renews
- Provides stability with a 30-day grace period for missed premiums
- Protects your family
- Offers you control
- Allows you to choose your plan and benefits
- Allows you to choose the amount of coverage (and the face amount does not decrease as the mortgage is reduced)
- Offers a convertible and renewable policy
- Offers full portability by being transferable to any house
- Provides flexibility upon your death (your family has the option of paying off the mortgage or investing the funds)
At River City Insurance, we are professional insurance advisors who offer expert advice about insurance and allows you to the option of having all of your insurance coverage (life, mortgage, vehicle, etc) run through a single broker.
- Does not allow you to shop around (unless you are willing to pay higher premiums and are insurable)
- Often forces you to lose coverage if you miss a mortgage payment
- Protects the bank
- Controls the plan
- Offers limited choices for your plan
- Provides coverage that must be equal to the mortgage amount and decreases as the mortgage is reduced, while your premium does not
- Offers a non-convertible policy
- Provides coverage that runs out when house is sold or traded
- Offers a plan that is inflexible (your mortgage must be paid off regardless of interest rates and other investment opportunities)
While many of us are hesitant to switch from our bank to an independent insurance broker, you have to remember that a bank is a large, single corporation dealing with insurance matters. They are not prepared to give you tailored insurance advice that fits you, your lifestyle, and your mortgage.
For mortgage insurance advice you can trust, contact Robert Gibson today!