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.
|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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