+1 888 882 0786

Certain Claims May Not Be Covered by Mortgage Insurance When Needed

Umbrella and house symbol

There are many people who are insuring their mortgage to expect a certain payout whenever something bad happens to them unexpectedly. But there are times when banks easily turn down claims made by mortgage holders several years later due to incorrect answers with their health questions. Most instances, banks would find falsity in the application forms that are submitted by their clients that can help in preventing their mortgage life insurance be forced.


Many clients are complaining that when they are about to claim their payout for life insurance, they would usually experience difficulty in receiving the payout that they should be receiving. There are banks that would refuse issuing life insurance even with the smallest mistakes that they would get with their forms. Luckily, there are clients who are able to fight for their rights with life insurance companies, sue them and be able to win a settlement or even the entire payout that they should be receiving.


With the slightest error made with applications, banks or private mortgage insurance companies can start talking to independent agents that can help them in understanding further what every question means. The elaboration in regards with every question is essential especially when it comes to health conditions as banks can find certain mistakes that may alter the materialization of the insurance.


There are just many points where banks can find mistakes that they can use for escaping their responsibility in giving clients the rightful amount that they should be giving. Even retired bankers can easily say that they know how greedy and arrogant bank rules and policies are and it is just right that clients will be familiar with things that they should do to make sure that they can get the right payout for the mortgage life insurance policy from banks or private lenders.

Share Button

Mortgage Rates
STOP! Before you apply for a mortgage through your bank, make sure you are getting the best rate! Compare the best mortgage rates in Canada right now. It will take only a minute, but you will be surprised just how much you can save! We at Resourceful Capital Financial Corporation source our rates from all financial institutions, not just the one's that deal with us. To make sure you make a sound and prudent financial decision and get the best possible mortgage.
Refinance Calculator
Resourceful Capital Financial Corporation's refinancing calculator will help you decide whether to refinance your existing mortgage at a lower interest rate.