Have mortgage insurance with TD? According to CBC, they might be SCREWING you
- Thread starter wetnose
- Start date
I have mortgage insurance with TD!
I figured at that time (10 years ago) $11/month wasn't much...
I figured at that time (10 years ago) $11/month wasn't much...
there is POST underwritting
there is Pre underwritting
The banks Post underwrite which means that they only do the qualification test after a claim has been made so you could be paying for insurance you are not intitled to have If you are not intitled they give you your payments back and say sorry you never qualified for the insurance
Your Broker Insurance company Pre qualifies you so they can not sell you the insurance unless you qualify for it in the first place
Never Never Never get insurance threw your bank ever
there is Pre underwritting
The banks Post underwrite which means that they only do the qualification test after a claim has been made so you could be paying for insurance you are not intitled to have If you are not intitled they give you your payments back and say sorry you never qualified for the insurance
Your Broker Insurance company Pre qualifies you so they can not sell you the insurance unless you qualify for it in the first place
Never Never Never get insurance threw your bank ever
Maybe they are just being served. It is important to keep in mind the difference.
That is odd, on my DVD the subtitles say screwed not raped.
We bought an extra joint term life insurance policy to deal with our mortgage. Imagine spending all that money on insurance, and one spouse dies with 4 payments left. "Sorry for your loss Mr Smith, here's your check for $720". Not to mention being denied coverage because you get cancer or something 5 years after taking out the insurance and the spouse not being able to collect on it because "I'm sorry, he didn't qualify for insurance because he had cancer".
My mortgage is with TD Bank as well. The mortgage advisor put the insurance by default without asking me. I told him I didn't want it, he said the mortgage is high and I should have insurance, and that if I found that I didn't want it I could cancel it. After one weekly payment of $50 (which would have been $200/month just for mortgage insurance) I realized it was stupid and cancelled it immediately. After seeing this clip I'm sure glad I did.
Thing is these policies don't sound too good to be true. They are pricey. When I was offered one I turned it down because I thought it was too expensive.
Something is wrong with our commerce laws if it is legal to collect a premium without actually providing coverage.
Something is wrong with our commerce laws if it is legal to collect a premium without actually providing coverage.
Put that money into term life. You butt will be covered for the amount of the mortgage and as time goes on ( as your mortgage is reduced) for other things in case of a nasty event.
