MORTGAGE INSURANCE FROM BANK VS LIFE INSURANCE

PERSONAL LIFE  INSURANCE

Your Insurance remainsintact even if you switch lenders Portability
BANK MORTGAGE INSURANCE

When you switch mortgage providers, you usually need to reapply for yourmortgage insurance.You own the policy and choose the beneficiary you want to receive thedeath benefit.

Control

The lender owns the policy and assigns itself as the beneficiary.
Your coverage amount remains intact even as your mortgage balancedecreases.

Level coverage

Typical mortgage insurance declines as your mortgage balance decreases,however your premiums stay the same.
You benefit from insuranceunderwritten at the time of application.

Comfort
Typical mortgage insurance is only underwritten at the time of death,no medical upfront

Your rates are guaranteed for thelife of the policy – it’s right in the contract.
Guaranteeddeath benefitand premiums, typical mortgage insurance from bank rates are not guaranteed.