mortgage insurance cbc marketplace
Are you making payments on mortgage insurance? When I heard the television series The CBC Marketplace called "In Denial", could not believe that regulators in Canada (supposedly protecting consumers) could allow this to happen. Is this really happening?
When I met with Chris Nelmes Nelmes Financial Planning and Insurance Services, I asked that. "I have always heard stories about problems with insurance mortgage "was his reply. Not all mortgage insurance, however," The problem is to secure your mortgage through the lender. "The website CBC's Marketplace Research, "In Denial", lists the main differences between the demand and after private insurance. Most lenders offer only after the insurance claim. Credit after the subscription means that you respond to medical questions from the insurer when and the insurer applies only checks your answers and your medical history if you make an insurance claim. It is only at the time of the claim that the insurer is determined if you are eligible for insurance protection. With private insurance, the insurer will initially qualify and you know they are protected before you begin making your monthly payments insurance. When Chris learned of these stories of his companions, "who often appeared as scare tactics and hard to believe," he said. And now, "After being in business for awhile have seen the damage this type of insurance can do and why it is important to ensure appropriate measures have taken before it is too late. "
Chris had some personal experience to share related to its own customer base. "My first introduction a mortgage insurance claim was not that bad, "he said." The spouse dies and after fighting with the insurance company for six months insurance pays. "You mean you have to fight for their pay? I would ask, but Chris was already on his next experience.
"The The next time was not so simple. A single mother had a house with disability insurance of the mortgage. she got cancer, loss of job, you need a treatment resulting in a stroke, a car accident, and some other injuries. "It sure would be covered by your insurance. Not so! Chris continued: "The mortgage insurance company simply turn away from this client disability premiums she had purchased, and the customer had to sell your home. "So what happened?" She did it to fight cancer, no assets left and a lease to raise her young daughter. in this way. Chris continued, "The history of most recent client was a client who went to a private insurance company and has a life insurance policy to cover the mortgage. This client was subsequently diagnosed with cancer and six months. Five years later, still fighting, and each year your policy allows you to have $ 100,000 advance on the compensation for death. This has allowed him to travel, allow your spouse to take time off to be with him, and even provided the funds to make the mortgage payment. "Now that'sa real protection.
Chris further explained that "the difference between the first two stories and the third is simply that the third was made through a private insurance company, not the lender, and was signed at the time of application, not at the time of the claim. "He confirmed that in the U.S.," some states have banned the subscription at the time of the claim, but in Canada is still common when tied to a debt. "Chris said" not all companies do, not all products are the same. "The important question is the choice of insurance, having started making monthly insurance payments, are its policy of guaranteed payments if they face health problems? Make payments premium does not mean that ensures their protection.
I remember he asked to register for mortgage insurance when we were signing the documents of our mortgage. It seemed like a convenient option ands easy to take your insurance, and already there to sign the papers anyway. However, Chris says that the option apparently adequate is not the best. "I often see chosen because private insurance often costs less," says Chris, "and is free of debt and gives you more control." He said " in the third example, if the insurance was linked to the house, he would probably have had to sell the house, losing coverage when it would be necessary. "Most people need protection beyond the mortgage payments to keep your home if disaster strikes.
Stories of Chris and his report is not limited to CBC show what can happen to one in 10 million. Many people are affected, just not know it yet. Chris summarized: "When I started with insurance, I always heard the stories, but thought it would not affect me. The three stories I've shared it all happened to people I know and see on a regular basis. I have also heard stories of other professionals and I watched the CBC's research highlighting others who have been victims of post-claim subscription too. Knowledge in action is power. Be proactive and make sure the insurance will depend on the willingness to pay and protect you. "
Chris can be contacted through Nelmes Financial Planning & Insurance Services, 604-637-7422. Email: Chris in nelmes.ca.
This is another example of the importance of his research in the area of insurance, investments and real estate. Do you have information important to share? Why not send your article or blog about it in http://www.openhousenow.ca.
About the Author:
Article Source: ArticlesBase.com – Your claim has been denied!
