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All the information you need about term life insurance – www.term411.com
Phone 800-471-0411

MORTGAGE INSURANCE

Personal Life Insurance
Bank or Loan Insurance
    1. Controlled by You
    2. Protects Your Family
    3. Flexible- Transferable to any house 
    4. Flexible-bank does not have to be paid.
      You may not want to pay off mortgage because
      1. you can invest proceeds and keep a low interest mortgage
      2. It may be easier to sell your house with an assumable mortgage at low rates.
    5. Shop for better interest rates when mortgage
      renews - Independent of lender
    6. Secure coverage

    7. Convertible & Renewable
    8. Choice of plans to suit future needs
    9. Disability waiver         
    10. Part of long term financial plan
    11. Deal with insurance advisor about life
      insurance - professional advice
    12. Frequently costs less

    13. Once insured don't need to re-qualify
    14. Guaranteed renewable

            
    1. Controlled by BANK
    2. Protects the Bank
    3. Cancelled when house sold or traded
    4. Inflexible - bank gets paid regardless

      1. No such choice

      2. Harder to sell house with no mortgage
    5. You can not change banks unless you renews - Independent of lender pay higher premium if you are still insurable (good health)
    6. Late mortgage payment means loss of   insurance coverage while in arrears.
    7. Not convertible
    8. None available
    9. ???
    10. Separate- only good for one purpose
    11. Deal with banker about life insurance

    12. Usually costs more (except on small loans - even then depending on age)
    13. Must qualify if you move mortgage
    14. Not guaranteed renewable at mortgage renewal date
A common misconception is that people feel the bank requires them to insure it there. This is false.
The bank does not force you to insure your loans. You are free to shop around for your insurance.

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