Mortgage Insurance

While having insurance to protect your home is a necessity, Mortgage Insurance may not be the best route to take when

doing so. We would encourage you to consider purchasing your own Life Insurance policy instead, as the advantages to

doing so are significant and your house will still be insured. Below you can view a side-by-side comparison of the two.

Life Insurance for a set term of your choice (5,10, 20 yrs)
Insured owns policy
Typically cheaper than Mortgage Insurance
Premiums and coverage amount stay level throughout the term
Coverage can not be cancelled by the insurer, only the insured
You choose the beneficiary (if there is an outstanding mortgage balance, the beneficiary would pay off the mortgage and receive the rest).
Underwriting is done prior to Insurance company offering the policy, giving a greater chance for pay out
Insurance is yours until term is complete

Life Insurance for the term of the mortgage
Bank owns policy
Typically more expensive than Term Life Insurance
Premiums stays level, but coverage amount may decrease as your mortgage decreases.
Coverage can be cancelled by the bank at any time.
Bank is the beneficiary only
Underwriting may be done at time of death, leaving a very real possibility of not being paid out.
Insurance from a bank is not portable. If you change banks or homes, you will need to re-qualify for insurance.

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