How should you insure your mortgage?
Following is a list of things to consider when deciding whether to insure your mortgage with the bank or as part of your personal insurance plan.
Consider | Bank | Personal Plan |
---|---|---|
Can the insurer cancel the coverage? | Yes | No |
Can the insurer raise your rates without notifying you? | Yes | No |
Can the insurance be transferred from one house or mortgage to another if you move? | No | Yes |
Can the insurance be transferred with the mortgage from one bank to another? | No | Yes |
Do you receive the insurance proceeds in cash so you decide how to deal with the mortgage? | No | Yes |
Can you keep the insurance coverage after you pay off the mortgage? | No | Yes |
Can you convert the coverage to a permanent type of insurance? | No | Yes |
Do you remain insured if your mortgage payments are in arrears? | No | Yes |
As you pay your mortgage, does the amount of your coverage decrease while premiumsstay the same? | Yes | No |
Will there be money left behind for your family and dependents? | No | Yes |
Are there any unforeseen reasons why the insurance would not pay out? | Yes | No |
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