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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 |