Mortgage Critical Illness Insurance
If you have a mortgage, buying critical illness insurance makes sense.
Making the bank the beneficiary is nonsense.
Your chances of defaulting on your mortgage are a lot greater from you becoming sick than from you dying.
The number of mortgages that go into default are much greater because of an illness or injury - than from premature death.
Sure, its convenient to buy critical illness insurance from the bank when you are applying for your mortgage.
But if you get sick, they will receive the cash benefit. Not you or your family.
When you buy your own policy, you get the money. And you can use it however you want. Now that makes much more sense.
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