Banks sell creditor insurance that often doesn't pay out because it's underwritten at claim time. Get a personal policy underwritten at application instead, where you own the contract and control the terms.
Here's a question has nothing to do with infinite banking, but it's about something we do get from time to time, which is around mortgage insurance, also referred to as creditor insurance or credit recovery. We do have a video available on our Banker's Vault channel that does speak to that. It's not exactly what I would say is particularly recommended by most insurance advisors in the country, often because it's something that's offered by the creditor or the bank directly, and it's typically underwritten at the time of claim when there's a problem versus at the time of application when you get the loan. So it may not always pay out. In fact, CBC Marketplace did a expose on that a number of years ago. I think it was in 2010. Anyhow, much better that you have an actual policy that's protecting you and your family, that you get underwritten where you go through a proper application process to determine the risk and you actually have a contract that you own with your name on it. So we always recommend you protect you and your family versus the bank. Cheers.
