Your home may be the single largest investment you will ever have so, naturally, you will want to protect it. Your bank will offer you mortgage insurance but is that your best option?
Your house…your policy
You may be surprised to know that with mortgage insurance you do not actually own the policy, the bank hold the contract with the insurance provider. What that means is that the bank is beneficiary of the policy. Should something happen to you, the death benefit from your mortgage insurance policy would be paid to the mortgage holder…the bank. With a term policy, you own the policy and can decide who you would like to have as a beneficiary.