Questions you should ask before obtaining mortgage insurance Wilson Financial's Mortgage Solution Your Mortgage Lender Can I choose my own beneficiary for the insurance proceeds? Because the mortgage lender is the policy owner, they automatically become the beneficiary of all proceeds. YES NO Can I apply for more coverage for other needs? You can apply only for an amount equal to the initial mortgage through a mortgage lender. YES NO Will my coverage remain level throughout the mortgage period? The amount of coverage available through a mortgage lender is limited to the outstanding mortgage balance. This coverage amount decreases with each mortgage payment made, but your cost will remain the same. YES NO Are my premiums fully guaranteed in the contract? Premiums paid through a mortgage lender are on a group basis and therefore can be increased on a group basis if the experience of that group becomes unfavourable. YES NO Could I pay less if I am in good health and don't smoke? Most mortgage insurance available through banks consider only the age of the borrower to determine your cost of insurance. There is no preferred pricing for better health risks. YES NO Does my coverage stay in force if I move or change mortgage lenders? Mortgage insurance at most banks is not portable. If you move or change mortgage lenders, you must re-apply and qualify for new coverage with the cost based on your new age. YES NO Can my coverage extend past my mortgage period? Since mortgage lenders only offer coverage to protect the outstanding mortgage balance, once your mortgage is paid off, regardless of time, your insurance coverage will cease. YES NO Can I convert my coverage to a permanent plan, even if my health has changed? There are no conversion priviledges with your bank's mortgage insurance. YES NO Am I guaranteed to receive advice from a licensed insurance advisor? Service representatives with mortgage lenders are not licensed insurance advisors, and therefore cannot offer expert advice regarding your insurance needs. YES NO