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Our Plans Versus Your Lender

Understanding the value of independent mortgage insurance versus your lender’s policies means looking at what each policy can offer you. Please see the table below to see why a lender’s mortgage insurance plan doesn’t offer the freedom and security of insuring yourself independently.

 Our Insurance PoliciesMortgage Loan Insurance from your Lender
Do I own my insurance policy?YesNo, it is owned by your lender.
Who can be the beneficiary of the policy?Anyone you choose.Only the lender can receive the benefits from the policy.
When does coverage end?It depends on the term that YOU choose.Coverage ends when the mortgage is paid.
Do I have the same coverage for the life of the policy?Your coverage stays the same throughout the term of the policy.*The coverage decreases relative to the value of the remaining loan.
What can your coverage be used for?Any purpose. The benefits are paid as a sum to your beneficiary to be used how they wish.The coverage may only be used to cover the balance on the loan.
Can I get lower rates if I’m a non-smoker/in excellent health?Yes. You usually pay as much as 50% less on your insurance premiums.No, premiums are determined under one rate system.
If I sell my home am I still protected?Yes. Since you are the owner of the policy.No, you will need to obtain a new policy.
Can I convert or renew my policy to change the terms or coverage?Some policies may be renewed or converted to another policy.No, you may not convert nor renew coverage. You may not transfer this coverage into a new policy.
*With the exception of Decreasing Term Life Insurance
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