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LIFE INSURANCE VS. MORTGAGE INSURANCE

Protect what matters most, not just your house.

Life Insurance

Mortgage Insurance

Protection
Protects your family

The excess amount above your mortgage can be used for income replacement for your family.

Protects the bank

Protects the loan itself.  Mortgage insurance usually has no excess income protection.

Control
Controlled by you Controlled by the bank
Flexibility
Flexible and transferable

Plan stays with you for as long as you keep making the premium payments regardless of your lending institution

Tied to your mortgage payments

With mortgage insurance, your coverage is locked in to your financial institution and your mortgage

Choice
Many choices for plans and benefits

You can lock in the premium and death benefit.  The death benefit can be higher than your mortgage

Limited choices

Insures only your mortgage and the maximum term length is usually 10 years

Advice
Expert advice from professional advisors Advice from a bank lender