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LIFE INSURANCE VS. MORTGAGE INSURANCE
The excess amount above your mortgage can be used for income replacement for your family.
Protects the loan itself. Mortgage insurance usually has no excess income protection.
Plan stays with you for as long as you keep making the premium payments regardless of your lending institution
With mortgage insurance, your coverage is locked in to your financial institution and your mortgage
You can lock in the premium and death benefit. The death benefit can be higher than your mortgage
Insures only your mortgage and the maximum term length is usually 10 years