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Mortgage Insurance

Bank vs Life Insurance Companies

Mortgage Insurance from Bank Mortgage Life Insurance from Life Insurance Companies
Who does the insurance cover? Only the individual(s) listed on the mortgage. You, your partner and your children – you can protect your whole family, even those who are not responsible for paying your mortgage.
What does the insurance cover? Only the balance of your mortgage. Whatever you need it to cover. In addition to your mortgage, cover debts like your line of credit, credit cards, etc.
Who gets the benefit if I die or become seriously ill? The bank is automatically the beneficiary. It is You who decide who will gets the insurance benefit and how it will be used – to pay your mortgage, medical expenses or your child's education – whatever is best for you and your family.
What happens as my mortgage balance decreases? The coverage amount decreases as the mortgage balance decreases. When the mortgage is paid off, the coverage ends. The amount of coverage remain same for as long as you own your policy – unless you decide to change it.
What if I switch mortgage lenders? You may lose the coverage and might need to reapply. Your coverage will remain the same – unless you decide to change it. Since your coverage is not tied to your mortgage, you can carry it with you if you move again.
What if I cancel my insurance? You lose all the money you paid for the coverage. Depending on your insurance, you may get some of the money back that you've paid as premiums*.
What if I want to change my insurance? You can't. It gives you flexibility to adjust the type and amount of your insurance, or even convert to a permanent solution.

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