Protect What's Important. AMC Insurance For Your Life Insurance.


Get a Life Insurance Quote from AMC Insurance

In the unfortunate event you should become seriously ill or pass away, you’ll want to ensure that your family can financially support themselves. Life insurance aims to provide just this. While it is a policy that can be provided through work or as “Mortgage Insurance” through the bank, neither option is necessarily the best for you or your family.

That’s why it is seriously worth considering taking out a Life Insurance policy yourself. You’ll have a better understanding of what it will offer your family should you become ill or pass away, and you will ultimately have greater control over the policy throughout your life. Most importantly, it can help you avoid leaving any debt behind.

Life Insurance offered by insurance companies is not the same as the Mortgage Insurance that can be offered by banks or credit unions. Check out the differences below and see how you can benefit from Life Insurance over Mortgage Insurance.

Life Insurance Company

  • Protects your family
  • Controlled by you
  • Fully portable – transferable to any house
  • Flexible – upon death, your family has the option of paying off the mortgage or investing the funds
  • Allows shopping for better interest rates when mortgage renews
  • Choice of life insurance plans and benefits
  • Choice of amount of life insurance coverage and face amount does not decrease as the mortgage is reduced
  • Coverage is convertible and renewable
  • Expert advice – You deal with a professional insurance adviser about life insurance and all insurance coverage can be through one broker

Bank (Mortgage Insurance)

  • Protects the bank
  • Controlled by the bank
  • Runs out when house is sold or traded
  • Inflexible – the mortgage must be paid off regardless of interest rates and other investment opportunities
  • No shopping – unless you are willing to pay higher premium and are insurable
  • Limited choices
  • Coverage must be equal to the mortgage amount and decreases as the mortgage is reduced (the premium does not!)
  • Non-convertible
  • A missed mortgage payment often means lost coverage
  • You deal with a banker about insurance matters and the insurance coverage is spread all over

Finding the right insurance provider for your life insurance needs can be a tough task to take on. At AMC Insurance, we have the expertise to help you make the right choice.