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Protect Yourself, Not Your Bank [Mortgage Insurance]

May 8, 2019

Take control of your mortgage protection; individually-owned life insurance gives you more control over your options.

With Bank-Owned Mortgage Insurance, you may not always be covered

  • Your insurance only covers the balance of your mortgage. While your debt reduces over time, the premium remains the same.
  • If you die, only the outstanding balance on your mortgage is paid directly to the bank/trust company.
  • If you take your mortgage to another lender, you will lose your existing mortgage insurance and will be required to re-qualify for new coverage.
  • You lose all your coverage when your mortgage is: repaid, assumed, or in default.
  • You have no flexibility to change your coverage as your needs change.
  • Medical underwriting is done at the time of a claim, which can leave a grey area to refuse paying a claim.
  • Typical mortgage insurance rates are not guaranteed.

But, with Individually-Owned Mortgage Insurance, you are in control!

  • Your coverage amount doesn't reduce as your mortgage balance decreases.
  • You own the policy and the beneficiary(ies) you want.
  • Your mortgage protection remains intact even if you switch lenders or sell your property.
  • You can match the term length to your amortization period.
  • You have the option of converting your policy, regardless of your health.
  • Full underwriting is done at the time of application.
  • Your rates are guaranteed for the life of the policy contract.

For more information on how owning your own mortgage insurance policy can give you more control and peace of mind, contact David Scrivens at 613-782-1104 or