Bank mortgage insurance
Take a closer look!
- Bank mortgage insurance pays only the outstanding mortgage balance at the time of death. Your insurance coverage decreases as time goes by, but your premiums either remain the same or increase.
- Bank mortgage insurance pays out only once on a first to die basis even though you are paying for two individual lives.
- The bank is the owner and the beneficiary of your plan, you are just the insured.
- If your medical condition changes during the mortgage period, you could be subject to a medical to prove your insurability.
- The bank’s mortgage insurance is not convertible nor is it portable.
Personal mortgage insurance
It’s about balance, flexibility and control.
- We always pay the original mortgage balance at the time of death.
- There is a double payout with personally owned mortgage insurance because we pay upon each insured’s death.
- You are the owner of your plan, therefore your family is the beneficiary.
- Guaranteed Insurability with an insurance company states that you will never be subject to another medical through the entire time that you own your personal mortgage insurance.
- By owning your own mortgage insurance policy, it is convertible and portable at any time.