Explained by an Expert: Mortgage Insurance vs Life Insurance

Posted on September 3, 2019 and updated September 3, 2019 in Life Insurance Canada News, Mortgage Insurance 1 min read

I’m going to look at how mortgage life insurance compares with regular life insurance.

Mortgage life insurance is generally offered through a bank or a lending institution, and essentially, it is tied to your mortgage. One of the advantages of an individual life insurance policy is that it’s not tied to your mortgage. The coverage is portable; you can take it with you if you sell your home, and you choose your own beneficiary.

You essentially own the coverage, and you can even have some individual life insurance plans that build up a cash value at the end, so some people like that idea as well.

There’s definitely a lot of great features with an individual life insurance policy versus a mortgage life insurance policy.

 

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