What is mortgage insurance and how it works?
Mortgage insurance is another type of group term life insurance, which is a level premium and decreasing face amount policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s residence so the mortgage will be paid to the lender if the insured dies. When you buy a home, you spend a lot of time and effort selecting the home that is “exactly right” for you and your family. When you search for the home’s mortgage, you look for best possible interest rate and best possible options.
When we should take mortgage insurance?
Usually when your mortgage get approved, lender’s agent will offer’s you the mortgage insurance. At the time you make decision to get a financial protection called Mortgage insurance which is a kind of group benefit term life insurance, covers your mortgage with bank (as beneficiary) to pay off your mortgage balance in case of death.
What is important to know about mortgage insurance?
Apart from price comparison, there are other differences between a “mortgage and creditor” insurance through your lender institution and your own policy direct from a “life insurance company”. There are some important points like:
- Coverage level
- Term of insurance
- Beneficiary assigned
- Portability of policy
- How benefit is used
- Tax (HST)
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That must explain for you to consider and then make a right decision.
What is the difference between mortgage insurance and life insurance?
- Beneficiary: in LI is our designated (family) but in MI is Bank (lender).
- Coverage & premium: in LI both are level (fix) but in MI Premium is level but coverage is decreasing during the term.
- Policy time: in LI is in force during the term but in MI will cancel if you change your lender.
- Insurability: in LI is getting with medical test but in MI is no medical test.
