Your Questions Answered!

1. Does Harmony Insurance sell car and house insurance?
    

2. Does Harmony Insurance deal with obtaining a mortgage?
    

3. Does Harmony Insurance sell mortgage life insurance?
    

4. Does Harmony Insurance offer High Interest Savings Accounts, similar to ING Direct?
    

5. Does Harmony Insurance set up Wills and Power of Attorney?
    

6. Does Harmony Insurance set up RRSP loans?
    

7. What is Title Insurance?

Mortgage Life Insurance
Traditionally mortgage life insurance is purchased at the financial institution where you setup your mortgage. There are some important considerations :
 
Why should you buy the coverage as a personally owned life insurance plan for the purposes of protecting your family because you have a mortgage?
 
The reasons for a personal policy –

• single life coverage vs. joint life first to die

• level coverage vs. decreasing with your mortgage

• a named beneficiary(s) – not the Bank

• health underwriting is extensive at the issue of the policy vs. extensive at claim time

• very healthy people may qualify for better rates/more coverage, smokers for incentive refunds and cigar .. smokers for non smokers’ rates

• 20 year coverage with level premium vs. renewable with your mortgage

• no worry of new coverage for a renewing or increased mortgage (new property)

• personal policy can be used to cover more needs – mortgage, education, final needs other debt reduction, replacement income ..

• premium is paid separately from mortgage and can be identified in case of non payment – automatic premium double up and 30 day grace period

• licensed agent/broker will provide ongoing service and process claims

• coverage may be purchased before you have a mortgage, as it’s best to buy the insurance when you are “young & healthy”

• personal coverage may be changed/converted to lifetime estate needs coverage – no medicals

1. Does Harmony Insurance sell car and house insurance?   back to top
   No. It is a different type of insurance business requiring a special insurance license. We would be pleased to refer a car and house insurance broker. Please contact us.

2. Does Harmony Insurance deal with obtaining a mortgage? back to top
   No. This is a very specialized and competitive business that is best handled by trained mortgage brokers. We would be pleased to refer a mortgage broker to you. From a financial planning and investment aspect, we would be pleased to review strategies for debt elimination. Please contact us.

3. Does Harmony Insurance sell mortgage life insurance? back to top
   Yes. Sometimes people confuse the CMHC high ratio mortgage insurance with mortgage LIFE insurance. These are two separate programmes. Harmony Insurance has indicated 12 reasons why you should buy personally owned (not bank) life insurance to cover the mortgage and other family needs. The CHMC insurance is for the high ratio mortgages and is mandatory through CHMC.

4. Does Harmony Insurance offer High Interest Savings Accounts, similar to ING Direct? back to top
   Yes. Through Manulife Bank, we offer high interest savings accounts and various terms of GIC’s.

5. Does Harmony Insurance set up Wills and Power of Attorney? back to top
   No. This requires the expertise of a lawyer. We would be pleased to provide a referral. Please contact us.

6. Does Harmony Insurance set up RRSP loans? back to top
   Yes. Through Manulife Bank we have access to an online, convenient application process. All loans are at variable prime rates. This can be done all year round, not just in February. Please contact us for more details.

7. What is Title Insurance?  back to top
   Title insurance is unlike any other kind of insurance. It is not house insurance which only protects the contents of your home or its structure and for which you have to pay a monthly premium.

   Title insurance protects your ownership to the property and protects you against:

   • Fraud ? fraudulently obtained mortgages on your home

   • Errors in surveys or other official public records

   • Encroachments onto neighbouring properties

   • Zoning infractions

   And many more known and unknown defects that could affect your ability to sell your property in the future.

   Unlike house insurance, you only pay a one-time premium with no deductible. Title insurance covers all legal expenses related to restoring title, meaning that you do not have to take time off work and deal with the added stress needed to defend yourself.

   Harmony Insurance would be pleased to recommend a professional.