Your lending institution offers mortgage insurance. But why settle for an insurance product that does just one thing? When it comes to protecting your mortgage, there’s another option to consider.
Term insurance from ivari is an innovative solution that protects your family’s future as well as your home. Term insurance can offer more protection, more flexibility and more value than traditional mortgage insurance, often at a better price.
| With most lenders’ mortgage insurance… | With Term 10 and Term 20 from ivari… | With Term 30 from ivari… | |
|---|---|---|---|
| Do I own my policy? | NO. Your lending institution holds the contract with the insurance carrier. | YES | YES |
| Is my coverage flexible if my needs change? | NO. You cannot choose or alter your coverage amount or convert your policy to permanent protection. Should you move, refinance or renegotiate your mortgage, you cannot transfer your policy and will have to requalify. |
YES. You can choose the coverage amount that you need and can increase or decrease it or convert to permanent protection if your needs change.1 And whether you move, refinance or renegotiate your mortgage, your coverage stays in place. |
YES. In addition to the benefits of Term 10 and Term 20, Term 30 also offers built-in SelectOptions such as SelectValue, which allows you to either withdraw the value of the policy, or transfer the policy value tax-free into a permanent protection plan.1 |
| Can I choose the beneficiary of my policy? | NO. Your mortgage provider is the beneficiary. | YES | YES |
| Can my family use the proceeds of the policy to cover needs other than the mortgage? | NO | YES. Your family can choose to use the tax-free death benefit for any purpose, such as mortgage and debt payments and daily living expenses. |
YES. Provides the same benefits as Term 10 and Term 20. |
| Once I pay off my mortgage, will I still have life insurance? | NO | YES. Term 10 and Term 20 provides automatic renewal to age 80 with the ability to convert to a permanent plan.1 |
YES. Term 30 provides automatic renewal to age 100 with coverage for life. |
| Does the death benefit remain the same for the life of the policy? | NO. Mortgage insurance only covers the outstanding balance of the mortgage. The benefits decrease as you pay off your mortgage, though the cost stays the same. |
YES | YES |
| Is my coverage guaranteed? | NO. Your bank can change your policy and rates at any time. | YES. Your initial term and renewal rates are guaranteed for the duration of the plan. | YES. Provides the same benefits as Term 10 and Term 20. |
| Can I tailor my plan to meet my needs and situation? | NO | YES. All of ivari’s Term products offer additional benefits and riders. | YES. In addition to the benefits of Term10 and Term 20, Term 30 provides the flexibility of built-in SelectOptions. |
| Are there any price advantages if I am a healthy non-smoker? | NO | YES. Our preferred underwriting program rewards clients for their healthy lifestyles with premium discounts. |
YES. Provides the same benefits as Term 10 and Term 20. |
Learn more
There are many more features that come with a ivari term insurance policy. To learn more about these features, including the innovative built-in SelectOptions on Term 30 policies, contact your advisor. Purchasing life insurance is an important decision. Choosing the right life insurance is essential for protecting your family.
Talk to your advisor about how term insurance from ivari can help protect your family’s future.
- A term policy ivari is convertible to an eligible permanent plan any time prior to the policy anniversary closest to the life insured’s 71st birthday. Additional underwriting may be required if clients wish to increase their coverage.
Disclaimer
This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.
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