Mortgage Insurance or Life Insurance??

If you take the time to look closely at the details, you can see how insurance offered does more to protect the interests of the lender than you and your family.  You have taken the time to find just the right place for your family to call home.  Isn't your family, your home, and your investment worth taking the time to find the right mortgage life insurance protection plan?

Bank Mortgage Insurance - Tak a closer look!

  • Bank mortgage insurance pays only the outstanding mortgage balance at the time of death.  Your insurance coverage decreases as time goes by, but your premiums either remain the same or increase.
  • Bank mortgage insurance pays out only once on a first to die basis even though you are paying for two individual lives.
  • The bank is the owner and the beneficiary of your plan, you are just the insured.
  • If your medical condition changes during the mortgage period, you could be subject to a medical to prove your insurability.
  • The bank's mortgage insurance is not convertible nor is it portable. 

Personal Mortgage Insurance - It's about balance, flexibility and control.

  • The original mortgage balance is always paid at the time of death
  • There is a double payout with personally owned mortgage insurance because it is paid out upon each insured's death
  • You are the owner of your plan, therefore your family is the beneficiary.
  • Guaranteed insurability with an insurance company states that you will never be subject to another medical through the entire time that you own your personal mortgage insurance.
  • By owning your own mortgage insurance policy, it is convertible and portable at any time.

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Tamara Perlic

Tamara Perlic

CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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