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