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Mortgage Insurance versus Life Insurance

One of the biggest questions that you might have is, "Why not simply go with what the banks offer instead of getting more life insurance". Well, let's take a quick look at the main differences between mortgage insurance and life insurance.


Mortgage Insurance Life Insurance
Protects the bank Protects yourself and your family
Equal monthly fees, but payout
goes down over time		 Equal monthly fees, and payout remains the same over time
Can be expensive Can be very cost effective
You will need to reapply if you move to another bank with your mortgage You own the policy, and will always own the policy


All this being said, life insurance is simply a much better bang for your buck. You can save up to 40% on your monthly premiums, and your death benefit will not decrease over time like mortgage insurance does.

It's not too late to make the switch right now. If you already have mortgage insurance, you can replace it with a life insurance policy at any time. Contact us today to get more information, and start saving money.