7 Simple Reasons Why Personal Life Insurance Is Better Than Mortagage Insurance

 

Your home is the largest and most important financial commitment you will ever make. Insuring your home in case of the loss of a primary earner may be your top priority so that your family won’t be out on the street. Mortgage Insurance or Personal Life Insurance? 

Here are 7 simple reasons why Personal Life Insurance is the better option.  

MORTGAGE INSURANCE	PERSONAL LIFE INSURANCE
1.Premiums on mortgage insurance are typically higher.	1.Premiums on life insurance are typically lower.
2. The bank is the owner of the policy and you have no control over it.	2.You are the owner of the policy and you have control over it.
3.Lender is the beneficiary and will get paid if you die.	3. you can choose the beneficiary which can be changed anytime.
4. Your insurance ends with the mortgage.	4.Your policy is guaranteed renewable and convertible.
5. Insurance terminates if you change lenders, you must re-qualify all over again.	5. The insurance remains intact even if you change lenders, change the mortgage, or buy another home.
6. Face value can not be more than the amount of the mortgage.	6. You can include other needs outside of the mortgage i.e., income replacement, kid’s education, final expenses etc.
7. Coverage decreases with your mortgage balance.	7. Coverage stays the same throughout its term, regardless of mortgage.

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