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Mortgage Insurance
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Life Insurance
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Your insurance covers only your mortgage.
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You can choose from different types of insurance (i.e. term or permanent) with a death benefit to cover more than just your mortage.
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Even though your mortage debt reduces over time your premium remains level.
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Your coverage amount does not decrease over time unless you choose tochange it.
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If you die , only the outstanding balance on your mortgage is paid off.
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If you die, the death benefit is paid to you beneficiary who can use it as they see fit,not just to pay off your mortgage.
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The mortgage lender is automatically beneficiary.
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You name the beneficiary.
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If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance.
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If you take your mortage to another company you keep your existing insurance so you don't have to re-qualify.
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You lose all your coverage when your mortgage is repaid, assumed or in default.
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As long as premiums are paid your coverage remains in place, even if your mortgage is repaid,assumed or in default.
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You have no flexibility to change your coverage as your needs change.
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If you decided you need coverage only until your mortgage is repaid but later realize you require coverage for other needs, you can convert your insurance to a permanent plan.
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