Mortgage protection insurance help protect your loved ones, your home and your savings with life and disability insurance for your mortgage.
CREDITOR INSURANCE vs. INDIVIDUAL INSURANCE
| CREDITOR INSURANCE
(Regular Mortgage Insurance) |
INDIVIDUAL TERM INSURANCE
(Better Mortgage Insurance) |
|
| General | Credit insurance from banks and lending
institutions pays only your mortgage debt |
Life insurance protects you and your family
and pays off your mortgage debt plus $$$. |
| Ownership | Lending institution owns the policy. | You own the policy to protect your family. |
| Beneficiary | The bank is the beneficiary. | You choose your beneficiary. |
| Coverage | Coverage declines as mortgage debt paid,
you still pay same monthly premium. |
Coverage amount and premiums remain
level. |
| Premium | May change if lending institution change | Guaranteed premiums for term of policy. |
| Flexibility | Coverage ceases with refinancing, may be
difficult to re-qualify. Non-transferable. |
Coverage is renewable and convertible,
even if your health changes. |
LIFE INSURANCE |
DISABILITY INSURANCE |
CRITICAL ILLNESS INSURANCE |