What is the Right Protection, Mortgage Insurance or Term?

Get the facts on Mortgage Insurance then choose the Right Protection.

Mortgage/Creditor Insurance	Term Life Insurance
Lender is both the policyholder and principal beneficiary	You are the policy owner and choose the beneficiary
Death benefits go to the mortgage lender	Death benefits go to your designated beneficiary who can use the funds as needed
Coverage amount is typically determined by the size of your mortgage only	Coverage amount is determined by you base on a complete needs analysis
Coverage decreases as you pay off your mortgage	Coverage remains the same for the duration of policy
Policy ends when mortgage is paid off	Coverage remains the same for the duration of policy
Selling your home to buy another you must purchase and qualify for a new policy	Policy is portable and remains with you
If you change lenders, you must reapply for coverage and risk having declined	Policy is portable and remains with you
Underwriting is usually done after a claim, payouts can be declined for poor health after policy is issued	Underwriting and evaluation of medical history is done prior to policy being issued and won't be cancelled later if health issues arise
Payment of monthly premiums begins before you have been approved for a policy	Monthly premiums don't start until after you have been approved for a policy
Policy typically based on age and mortgage, no discounts for excellent health	Preferred rates are available for individuals with excellent health