Parvaneh Modarres insurances and investment solution canada vancouver Insurance & Investment Solution 

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North Vancouver, BC

Mortgage Insurance

Bank-offered insurance often skips upfront medical testing, leading to claim denials during processing. Choosing licensed professionals ensures upfront medical testing, guaranteeing payment during unforeseen events.

Mortgage insurance combines Life, Critical Illness, and Disability Insurance, differing from mortgage protection with life and critical illness insurance. Mortgage insurance pays the lender, with coverage decreasing as the mortgage balance does. Critical illness insurance provides a lump sum for flexible use, while life insurance benefits a chosen beneficiary, covering more than just the mortgage.

Peace of Mind

Lender-provided mortgage insurance may involve a cursory medical questionnaire, but claims often face denials due to inaccuracies. Private mortgage insurance, obtained through a licensed professional, ensures upfront medical scrutiny, increasing the likelihood of successful claims by providing accurate health information.

Peace of Mind

Beneficiary

Lender's mortgage insurance designates the lender as beneficiary, while individual insurance allows you to be the beneficiary for disability and critical illness, and name beneficiaries for life insurance. In case of death, beneficiaries can decide to pay the mortgage or use funds as desired.

Beneficiary

Portability

Switching mortgage providers doesn't automatically transfer lender insurance. To move it, you must prove health and face the new provider's rate. Private insurance allows a seamless transfer without reapplying or proving insurability.

Portability

Flexibility

Lender's mortgage insurance lacks flexibility as your needs evolve. Unlike term life and critical illness insurance, which can be converted to permanent plans later, offering adaptability to changing circumstances.

Flexibility

Cost vs. Coverage

Lender-provided mortgage insurance sees decreasing benefits as your mortgage is paid off, while premiums stay constant. Complete mortgage repayment results in the loss of coverage. In contrast, life and critical illness insurance maintain coverage amounts, even after mortgage repayment.

Cost vs. Coverage

    Mortgage insurance