Are you clients properly protected? – Another example of the pitfalls with bank issued Mortgage Life Insurance.
” Brokers should warn clients of the potential pitfalls of mortgage life insurance, following one big bank’s negative press surrounding a claim denial.
Recently deceased Christopher Massa, whose mortgage and mortgage life insurance was with Scotiabank was diagnosed with lung cancer in October. The bank denied the claim on his $289,000 mortgage, according to the Toronto Star….
According to Scotiabank’s website, approval for their bundled life insurance is a simple yes or no question.
“Approval is based on answering one health question. If you answer ‘No’ to this question and your mortgage is $500,000 or less you are approved,” the bank’s website reads. “Answering ‘Yes’ to this question does not necessarily mean you won't be approved; it simply means the insurer will contact you for more information.”
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** Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec) Inc.
Ryan McLellan, Financial Advisor
Edward Jones Barrhaven
(613) 823-3404
[email protected]
