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Personal Insurance >> Mortgage Insurance

The purpose of mortgage insurance  is to pay off the mortgage when you die so your spouse and dependents are mortgage-free and have one less major expense to worry about. If both you and your spouse are working and want to protect each other, both of you need to be insured.

The Mortgage insurance is offered by life Insurance companies.

Mortgage insurance is also offered by lending institutions or Banks called "Creditor Protection Insurance". You should know the difference (shown below) between the two before you buy this insurance.



Features Bank or Lending Institution   We Offer                                  
Ownership of the contract Bank or Lending Institution  You will be the Beneficiary
Amount of insurance Declines with your outstanding mortgage balance Remains the same unless you change it
Cost of insurance

Remains the same even though your coverage decreases

If you move houses or mortgage companies, your new cost of insurance will be based on your new age and therefore higher.

Remains the same for the length of time you choose.

You can move houses, mortgage companies, or change your lifestyle.

Change in contract Can change without your permission Only you can make changes, as long as you maintain the premium payment
Who is paid on death Bank. {Pays outstanding balance} Your chosen beneficiary. {The full amount of the plan you chose}
When is underwriting done In most cases, at time of claim. This means the insurance company may determine you are not eligible for a payout even though you have been paying premiums. For instance, a claim may be denied because an investigation of your medical records indicates you once had high blood pressure or high cholesterol. When you apply for individual insurance through a licensed insurance broker your medical history will be examined before a policy is issued. The insurance broker will ask detailed questions and may arrange for a nurse to conduct a physical. Once a policy is issued, it is guaranteed.


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