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Protect your mortgage with term life insurance

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Protect your mortgage with term life insurance.
OMA Insurance
A mortgage is likely the single largest financial obligation you will have in your lifetime, so it makes sense to protect it with insurance coverage. This month’s column explores the advantages of choosing Term Life insurance over your mortgage lender’s insurance to protect your home.

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?

What Is Mortgage Insurance Through A Lender?

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:

  • First, when you purchase mortgage insurance through a bank, the proceeds can only be used to pay off the mortgage — your designated beneficiary does not have the option of deciding how to spend it.
  • Second, you are paying the same premium each year for protection that actually decreases in dollar value as your mortgage gets smaller.
  • Additionally, you may not be able to insure both you and your spouse if the mortgage is only in one person's name. If you change lenders, you may not be able to take your Mortgage Insurance with you, meaning you would have to re-qualify and could end up with higher rates.

What Alternatives Does OMA Insurance Offer?

Term Life Insurance is a sensible alternative that gives you more choice and greater control over your mortgage protection.

Some other benefits:

  • Coverage is available for you and your spouse.
  • Your policy is fully portable (it isn't affected if you change mortgage lenders).
  • Premiums are directly linked to the face value of the policy.

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, or visit​ .

OMA Group Insurance Options For Your Mortgage Protection

OMA Flex Term

  • Coverage up to $3 million for you and your spouse.
  • Guaranteed premiums for first 10 years, and guaranteed renewable coverage.
  • Convertible to permanent lifetime coverage any time before age 65 with no medical questions asked.
  • Low monthly premiums.
  • Interim coverage available.

OMA Term Life Plus 75

  • Coverage up to $1 million for you and your spouse.
  • Stop paying premiums after age 75 and enjoy lifetime coverage.
  • Guaranteed acceptance for eligible members for the first $50,000 of coverage.
  • Eligible for annual premium refunds.

Talk to your non-commissioned OMA Insurance Advisor about which option is right for your needs.​​