The word ripoff is a very strong word, however, if you were to ask me if Mortgage Insurance is a good deal, I would generally say no. If you are a non-smoker, Mortgage Insurance would end up costing you more as opposed to an Individual Plan.
There is a good side to Mortgage Insurance. For example, if you are a smoker, the rates for Mortgage Insurance may actually be less. If you have any health conditions, it is best to cancel your Individual Plan before applying for Mortgage Insurance.
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