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Insurance Protection for Mortgages & Long LoansThe importance of having life insurance protection on mortgages or long term loans can not be over stressed. The question is, which way is best?

Many policies are now available with a combination of life, critical illness and loss of income by accident or sickness all in one. This offers the broadest protection and can cover on a joint basis.

Banks and other financial institutions offer coverage to pay off the balances on loans they arrange. There are however, some points you should be aware of.

  1. Applications are not underwritten until time of claim. This puts you at risk of being medically rejected for cover based on information either you submitted or omitted from the application.
  2. Payment is directly to the bank, and only to the maximum of the outstanding balance.
  3. Prepayment of the outstanding balance reduces the amount to be paid. Changing to Biweekly payments or cash pay downs do not reduce your premiums.
  4. Should you change to another loan company, insurance is not transferable. This requires replacement at the then attained age.
  5. Where disability income is provided, only the interest portion is insured, not the principal. Leaving the balance of the loan unchanged and resumed payments when coverage expires.

The policies offered by Gwilliames and Associates avoids these problems and can also compete with bank charges by providing competitive products from a variety of Insurers.

Our policies feature:

  1. Underwritten at application (full approval in as little as 72 hours) which guarantees coverage will be there at time of claim.
  2. The choice of fixed amounts or reducing coverage good for 35 years or more .
  3. Flexibility, allowing you to change loan companies ,to gain rate advantages, without disturbing your protection.
  4. Payments to family, giving them the option of either paying loan or providing family support in any way or a combination of both.
  5. Fixed amounts of coverage written into contract (Not tied to outstanding balances).
  6. On our Disability coverage, we pay principal amount and interest too, during insured period.
  7. Options to convertible to ordinary life coverage. For long term needs.


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