• Is my mortgage insurance with bank level coverage?       NO

Your mortgage balance is $500,000 and you buy mortgage insurance from bank.

Every year amount of insurance will go down and will be equal to your balance of the mortgage.

Your insurance value will be ‘0’ at the end when mortgage is fully paid up
Your insurance value will be ‘0’  If you pay mortgage balance in 10 yrs.


  •  Does my premium be lower every year with bank because of decreasing value of my mortgage balance?        NO

$500,000 Mortgage insurance will cost you $31/month.

You will continue to pay 31/month even if the balance of mortgage is left $100,000.

You invest same amount of money ,$31/month in your personal Mortgage Life Insurance.

You will always have $500,000 death benefit. Premium will not increase for the duration of the time you purchase mortgage insurance for.

3 Does my spouse get the money when I die? NO

Bank is the beneficiary and in the event of the death money is paid out to the bank to pay off the mortgage. Your family does not get a penny out of this.

  •  Will my spouse get the money when I die if I have my personal Mortgage Life Insurance.       YES

You at the time of making application for mortgage life insurance will name the beneficiary in your TERM LIFE INSURANCE CONTRACT. Insurance death benefit is paid out to the beneficiary listed in the policy.

Let us say, you have purchased $500,000 mortgage life insurance policy and death happens to be after 15 yrs and your mortgage balance is $200,000.
Your beneficiary will still get $500,000. She can pay off the mortgage and use the balance of the amount left as she wishes.

  •   Can I have the same mortgage insurance If I move to another house? YES IN YOUR PERSONAL INSURANCE ONLY

You will have to rearrange mortgage insurance with the new bank when you move to another home.

Premium will increase because of your older age now..

Your private mortgage life insurance is portable. You can have the same policy continued regardless when and where you move. Your premium will be same.

  • Can I have the same mortgage insurance policy if I simply change the LENDING BANK?        NO- LENDING INSTITUTION GROUP INSURANCE BANK POLICY.

You will have to arrange new mortgage insurance at higher premium rate because of older age. You have risk of not being able to get insurance if you have acquired some serious health problem your personal mortgage insurance will not be affected by this change

  •  Can I convert mortgage insurance in the bank into the private permanent insurance policy?      NO

You can not convert bank’s mortgage insurance in any other plan
You can change your personal mortgage insurance into permanent insurance plan any time without going through any medical.

Because your personal mortgage life insurance is guaranteed renewable and convertible policy

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