Mortgage or Creditor Insurance

What's the Difference between Creditor Insurance (Mortgage Insurance) vs. Personal Life Insurance Coverage?

When purchasing a home, many individuals believe that the mortgage insurance offered through their bank or broker will guarantee and maintain the family's lifestyle in the event of their passing.

However, the institution is the recipient of the funds paid out. So this type of insurance only ensures that the mortgage will be paid and nothing else. Additionally, there is no guarantee that the mortgage protection plan will pay out.

Having personal life insurance allows your beneficiary to make independent decisions on how to use these precious funds. For example, the beneficiary can elect to pay out the mortgage, cover the funeral expenses, buy groceries, or fund the children's future education.

With personal insurance, you can:

• Own the policy, and you decide who to name as your beneficiaries
• Keep your coverage no matter where you live or with which mortgage lender you use
• Control the cost of insurance coverage and convert term coverage to permanent
• Leave your family in 100% control of managing the funds
• Know that everything will be taken care of and managed as you wanted

Feel confident and secure that your loved ones will have full access and control of the funds.