Mortgage Insurance

The Lending Institution

Your Private Insurance

You are insured by a group policy issued by an insurance company.  If you change your mortgage to a different lender you lose your insurance.

You are insured under an individual life insurance policy.  You are free to go to any lender as your insurance is your own and not tied to your mortgage.  You decide how you wish to use your insurance.

Your policy is subject to change of the insurance provider and the terms of the agreement

The terms cannot change the policy provisions or the guaranteed policy premiums

Your lending institute is the beneficiary.  The lending institute pays out to themselves.

You name the beneficiary of your choice.  Your spouse or the guardian of your children.

The amount of insurance reduces as you make mortgage payments

The insurance protection never decreases unless you request a reduction.

The cost of insurance does not decrease even though the face value of the insurance does

If you reduce your coverage, your payments will be reduced as well.

The insurance protection stops when the property is sold

The protection stays in place when you change homes and mortgage providers

No changes are permitted under the plan

You can make changes to your policy, including change of beneficiary, amount of coverage and conversion to a permanent insurance policy

You have a bank employee look after you

You use your own insurance advisor to arrange and service the policy and this is especially helpful in the event of a claim.