Mortgage Insurance
From a Bank or Trust Company

1. The bank owns the policy
2. The bank is the beneficiary
3. Amount of insurance can only be the amount owing on the mortgage
4. Cost of Insurance does not decrease even though the amount of protection does
5. Insurance is part of a group and is subject to a change in carriers and/or terms
6. Insurance lapses when any of the following occur:
1. the mortgage is in default
2. you move the mortgage to another institution for a lower mortgage interest Rate
3. the mortgage property is sold
7. The insurance is not guaranteed renewable for your new mortgage

 
Personally Owned Policy

1. You own the policy
2. You choose the beneficiary
3. You select the amount of insurance protection
4. The insurance does not decrease unless you decide to reduce it
5. The insurance is not part of a group and you decide how to tailor it to your needs
6. The insurance does not lapse when the mortgage is in default
7. The protection is portable and does not lapse when you change mortgage companies or sell the property
8. The insurance is guaranteed re-newable to age 80 and after issue, you will never have to provide medical evidence