Privately Owned vs Bank Provided Insurance

When it comes to securing your financial future, the choices you make today can have a profound impact on you and your loved ones. That's why it's crucial to understand the advantages of owning private life insurance compared to relying on bank-provided insurance for loan coverage.

Why Choose Private Life Insurance?

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1. Stable Coverage

With private insurance from a range of reputable providers, including Manulife among others, your coverage amount remains constant. For instance, a $100K policy stays at $100K throughout, ensuring you're fully covered, no matter how much of your loan is left.

2. You're in Control

Unlike bank insurance, which can be canceled at any time, leaving you vulnerable, you own your private policy. This ownership means you decide if or when to cancel it, providing peace of mind and stability.

3. Flexible Financial Tools

Your policy isn't just a safety net; it's a versatile financial asset. Borrow against its cash value for business investments or personal needs and rest easy knowing the loan can be repaid with the tax-free proceeds of the policy upon death

4. Protect Your Loved Ones

Ensure that the outstanding balance of your loans and lines of credit doesn't become a burden to your family. Private life insurance pays out to cover these, safeguarding your dependents' financial well-being.

Bank-Provided Insurance: The Hidden Risks

Decreasing Coverage

As you pay off your loan, the coverage diminishes, but your premiums don't. For example, what started as a $100K coverage for $16 a month could dwindle, yet you'll still pay the same rate.

Uncertain Continuity

Banks can cancel your coverage unexpectedly, leaving you unprotected. This risk is especially daunting as you age or if your health status changes.

How Can I Help You?

As an independent licensed life insurance professional I have  access to a wide array of insurance companies. This diverse selection ensures that we can find the plan that best suits your specific needs, circumstances, and budget. 

Do You Have The Right Coverage?

Is your insurance really tailored to your needs? Find out with a no-obligation appointment. I offer an honest, professional assessment based on your unique situation and the options available. Don't leave it to chance. Ready for clarity? I'm here to help.

Interested in learning more, text me at 647-360-2221