Why 20/20 Mortgage Life Insurance is Better

There are some fundamental flaws in the Mortgage Life Insurance coverage that is sold by the banks. For example:

  1. The Bank is ALWAYS the beneficiary: If something were to happen to you, the proceeds from the policy would be paid directly to the bank to pay off your mortgage obligation.
  2. It’s not portable: Let’s say you initially purchased coverage when you bought your home at the age of 30. Five years later, if you decided to move lenders, you would lose this coverage and have to requalify at an older age and possible when you are uninsurable. This would mean higher premiums at best OR ineligibility.

When our team at AIME Financial began designing the 20/20 product, we wanted to make sure we developed a product that was fair, transparent, cost effective and focused on the consumer’s best interest.

Here’s why we think 20/20 is the best alternative to bank-owned Mortgage Life Insurance:

 
HUGE SAVINGS

Maybe the protection you purchased when you signed your mortgage wasn't the best available option for you. Did you have the chance to consider other plans or compare prices? Do you even know how much you are paying each year or are the premiums hidden in your monthly mortgage costs? What if you could go back to that moment and compare the product you purchased with 20/20? 20/20 is up to 25% cheaper with more flexibility and control. Would you have made a different decision? Hindsight is not always 20/20, but in this case, it can be. By switching to 20/20, insured by Assumption Life, you could SAVE THOUSANDS OF DOLLARS over the course of your MORTGAGE, AND it takes only minutes to get approved!

 
IT’S EASY TO SWITCH

We've made it EASY to find out how much you can save and easy to switch. Nobody has an easier application process. There are no medical exams and we can have you approved in minutes! Once you see the SUBSTANTIAL COST SAVINGS, you're a few short clicks away from obtaining a more COST-EFFECTIVE and FLEXIBLE product. You can complete the process entirely online, or if you need help you can talk to one of our licensed advisors at any time.

 
YOU OWN THE POLICY

With your existing Mortgage Life Insurance coverage, although you pay the premiums, THE BANK OWNS THE POLICY, which means they are the beneficiary of any claims that are paid. That didn't make any sense to us, so we developed a product that provided you with the same protection, but the freedom to choose your beneficiary. That means, unlike your existing plan, the claim is NOT paid directly to the bank. It will be paid to whomever you choose.

What's important, is that with 20/20, a Mortgage Life Insurance Policy Insured by Assumption Life, you have the FREEDOM of CHOICE.

 
IT’S PORTABLE

Did you know that if you decide to move to another lender, your Mortgage Life Insurance plan doesn't move with you? The reason that's a problem is because you will have to requalify, you'll be older and your premium will be much more expensive. When we developed 20/20 Mortgage Life Insurance, we made sure that your coverage was not linked in any way to your choice of lender. With 20/20, you can switch your mortgage provider any time you want, without any impact on your policy. You still only pay the premium you were originally quoted when you signed up.

 
YOU ARE PROTECTED BY ONE OF CANADA’S OLDEST AND MOST FINANCIALLY SOUND LIFE INSURERS

When you buy a 20/20 product, you are buying an insurance policy issued by Assumption Life. Founded in 1903, Assumption Life is one of the oldest life insurance companies in Canada. It is well-capitalized, with a solvency ratio that reached 242% in 2015, well above the minimum 150% standard for life insurance companies set by the Office of the Superintendent of Financial Institutions Canada (OSFI). A.M. Best, one of the oldest independent rating agencies specializing in the evaluation of the financial health and creditworthiness of insurance and reinsurance companies worldwide, recently awarded Assumption Life an A- (excellent) rating for the 16th consecutive year.

With Assumption Life as your insurer,you will never have to worry about whether you are fully protected or whether your claim will be paid.

 
20/20 IS OFFERED EXCLUSIVELY BY AIME FINANCIAL, AN INDEPENDENT INSURANCE AGENCY OPERATING IN ALL CANADIAN PROVINCES EXCEPT QUEBEC.

Unlike your bank, which can only offer you a limited range of “creditor insurance” products sold by non-licensed branch staff, AIME Financial is sold by well-trained and experienced licensed insurance advisors who can provide you with a more thorough analysis of your insurance needs and a full range of individual life insurance products. Bank branches cannot offer you these products!. And, If 20/20 isn’t the best fit for you, or your insurance needs change, our advisors can offer you the best individual life or disability product for your family’s situation at a much lower price than bank mortgage life insurance.

 

Not convinced yet? Give us a call at 1-866-617-9620 to request additional information or ask one of our licensed agents any questions you may have.

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