How Mortgage Protection Can Help

OWNERSHIP — Who owns the Mortgage Protection insurance?

From most creditors — Typically owned by the lender. The lender may control what happens to your coverage.

FROM SAF’s CARRIERS — YOU DO. You own and control what happens to your insurance coverage.

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BENEFICIARY — Who determines who will get the benefits?

From most creditors — The lender is often the beneficiary. You may have no choice in how the proceeds are spent. The lender receiving the proceeds, generally applies it to pay off the mortgage.

FROM SAF’s CARRIERS — YOU decide who will be named beneficiary and receive the proceeds.

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RENEWABILITY — Could my coverage be canceled by someone other than myself?

From most creditors — Your policy may be canceled by the lender or issuing company. Often, coverage ends with the expiry/cancellation of the mortgage.

FROM SAF’s CARRIERS — Only by YOU. Although your coverage offers mortgage protection it is not tied to a specific mortgage or need. When your mortgage is finished your coverage may remain in force, except in the event of non-payment of your life insurance premiums.

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PORTABILITY — Could I continue the coverage if I change companies or move?

From most creditors — Your insurance may end when the mortgage is repaid, assumed, canceled, the house is sold or the group policy terminates.

FROM SAF’s CARRIERS — YES. Coverage is portable and you can use it to cover another mortgage, if desired.

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BENEFIT AMOUNT — Is the benefit amount level?

From most creditors — Benefit typically declines in line with the outstanding mortgage balance, if it is decreasing term insurance.

FROM SAF’s CARRIERS — YES. Amount of benefit can remain level even though the mortgage balance reduces.

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BENEFIT AMOUNT — Could I apply for more coverage than the mortgage amount?

From most creditors — Amount of benefit may only be for the amount of the mortgage, and there are limited options if your health changes.

FROM SAF’s CARRIERS — YES. Coverage could be higher than the amount of the mortgage to cover other needs.

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CASH ACCUMULATION FEATURES — Could the plan be designed to build cash values?

From most creditors — These plans are typically group decreasing term only.

FROM SAF’s CARRIERS — YES. Depending on the life insurance coverage you choose you may be able to take advantage of tax deferred cash accumulation options.*

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*SAF, their employees and insurance representatives, do not provide, on carriers behalf, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Prospective purchasers are advised to consult their tax or legal advisor.

CUSTOMIZATION — Could my plan be customized to meet my individual needs?

From most creditors — Your plan is often mortgage-specific and may not be customized to fit individual financial protection needs.

FROM SAF’s CARRIERS — YES. Other benefits and features can often be
added through optional riders.

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Note: Not all coverage offered by or through an outside third party creditor or lender is limited as portrayed in this chart. You don’t have to just believe this chart, but maybe you want to easily and effortlessly Get A Quote. It is important to check the coverage terms offered by your specific creditor.