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.
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.