Life vs Mortgage Insurance personal approach to insuring your investmentHomestoc
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Mortgage Insurance vs Life Insurance which one is for you?

Posted by Homestoc on March 28, 2017
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Mortgage Insurance vs Life Insurance A personal approach to insuring your mortgage

Mortgage financing is probably one of the largest financial commitments you will make in your life.  Today we will learn how to protect your investment and determine which is better Mortgage Insurance vs Life Insurance. 

Safeguarding that commitment for loved ones in the case of a tragic event means having the right kind of risk protection. All too often people assume this critical protection must come from their lending institution and they’ll often offer to roll the mortgage insurance premiums into your total mortgage payments. This seems so easy and convenient that many are lulled into acceptance.

Mortgage insurance does more to protect the lender than you.

There is a better way. Protecting your mortgage with a personal insurance plan can provide you and your loved ones with better guarantees, greater choice, more flexibility and return of premiums.


Mortgage Insurance

  • Lender is the owner and Beneficiary of the policy.
  • Pays the benefit to the lender.
  • Coverage expires when the mortgage is paid off.
  • Only pays out the amount owing on the mortgage, coverage decreases with mortgage balance.
  • Eligibility is most often determined at the time of claim.
  • Premiums can be increased by the lender at any time.
  • Lender can change or cancel the policy at any time.
  • The Policy cannot be moved to a new mortgage or a new lender.
  • No personal consultation is provided with the policy.

Personal Insurance

  • You own the policy and designate the beneficiary.
  • Pays the benefit to your beneficiary.
  • Coverage continues after the mortgage is paid off.
  • Pays the total amount of insurance purchased. Total amount of coverage remains stable for the life of the plan.
  • Eligibility is determined at the time of application.
  • Premiums are guaranteed level for the life of the plan.
  • You have control. Only you can cancel or make changes to your plan.
  • Your plan goes with you from one home to another – one mortgage to the next.
  • Your plan is designed by a professional offering expertise and personalized service.

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