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Most lending institutions offer mortgage life insurance as part of their mortgage package. Before you make your decision, review the benefits of mortgage insurance vs. individually-owned insurance.

Mortgage life insurance offered by most lending institutions:

  • Mortgage life insurance covers the exact amount of your mortgage, but the premium remains the same.
  • Your coverage decreases as the mortgage is paid down. This means you have NO coverage when the mortgage is paid off.
  • If you change lending institutions or buy a bigger house, you will need to re-qualify medically and reapply.
  • Your lending institution receives the death benefit.

Individually-owned life insurance:

  • You select the plan that meets your needs.
  • Term life insurance plans are fully convertible to permanent plans, without having to re-qualify medically.
  • Your coverage doesn't decrease as the mortgage is paid down. Additional funds could be available at the time your family needs it most for living expenses, etc.
  • You control the amount of coverage based upon your needs, and you can reduce the coverage when and if you want, or keep the amount the same.
  • Your beneficiaries receive the death benefit, NOT your lender.
Comparison of Ways to Insure a Mortage

It’s about being covered. It’s about having control. It’s about getting the most for your money. Contact us for a free quote.

Mutual funds and/or approved exempt market products are offered through Investia Financial Services Inc.
Insurance products are provided through multiple insurance carriers.