MORTGAGE INSURANCE: PROTECTING YOUR HOME
Life insurance that is used to pay off the outstanding balance of your mortgage. There are many advantages between an individual mortgage insurance policy and insurance coverage through a financial institution.
Upon a death, the full death benefit is paid out, not just the outstanding amount of the mortgage.Individual coverage is portable, conversely bank coverage will terminate once your mortgage is transfered or paid off.The premiums are based on the full death benefit, not a decreasing amount.The premiums are based on the individual’s age, not the older age of two people.Once your mortgage is paid off, you can keep the coverage if you want.The underwriting on an individual policy is more flexible enabling people with health issues to still get coverage and or provide discounts to very healthy people.