No matter where you live or the size of your home, for most of us, a mortgage is the single largest financial obligation we will have in our lifetime. It makes sense to protect your mortgage with insurance coverage, but are you aware of your options?
Mortgage Insurance from a bank is different from other types of insurance you may be familiar with. Rather than paying a set face amount, it only pays off the balance owing on the mortgage if you die — nothing more. Plus, the lender, not your family, receives the money directly. This type of structure makes good sense for the lender, but not necessarily for you. Here's why:
Term Life Insurance is a sensible alternative that gives you more choice and greater control over your mortgage protection.
Some other benefits:
Most importantly, with Term Life Insurance, you name the beneficiary, whether it's a spouse, partner, family member, etc. Your named beneficiary can then decide if he or she wants to use the death benefit to pay off the mortgage, invest, or cover other expenses, such as children's tuition fees.
Whatever your beneficiary chooses, the OMA's Term Life Insurance options provide the freedom and flexibility to make that choice.
To learn more about OMA Insurance solutions, contact 1.800.758.1641 or firstname.lastname@example.org, or visit www.omainsurance.com .
Talk to your non-commissioned OMA Insurance Advisor about which option is right for your needs.