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Mortgage Insurance

This is the type of insurance people get from the banks when taking out a mortgage. This type of life insurance covers the mortgage only, which means the benefit amount decreases along with your mortgage. However, your premiums stay level and do not change even as your mortgage and coverage decrease. The bank is the beneficiary of your policy.

Premiums

Premiums for this type of insurance is generally higher than a standard term 10 life insurance policy, and around the same price as a standard term 20 life insurance policy. Term 10 meaning premiums are guaranteed not to change within your 10 year term. Term 20 locks in your guaranteed rate for 20 years.

Types of mortgage insurance

You can get this type of insurance from a bank in which case, the bank approves your file instantly, however they do not check your health history upfront. They will check your health history only at the time of your death when the family makes a claim. This could be dangerous if the insured had health problems, as the bank could refuse to pay the death benefit, and reimburse only the premiums that were paid into the policy.

The second form of mortgage insurance is sold through an insurance company, in which the insurance company will do the underwriting and check your medical history at the time you apply for the insurance, and will only grant insurance if your health situation permits.

Needless to say, if you are looking for mortgage insurance, you should get it through an insurance broker, who will bring you to an insurance company. Call Team Levine today, we’ll be glad to explore if mortgage insurance is the right product for you!

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