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Term life insurance vs. mortgage insurance

Term? Mortgage? Which one is right for you?

  • Nancy McKenzie
    Published by Nancy McKenzie
    on 8/25/2021

Term life insurance vs. mortgage insurance

In a world full of uncertainty, make sure your life insurance coverage is certain. If you currently have mortgage life insurance from your bank, there are many reasons why you should replace it with a term life insurance policy.

  1. Mortgage life insurance premiums (the cost) and coverage amount are not guaranteed to stay level.
  2. Mortgage life insurance is not guaranteed to pay out to your beneficiaries.
  3. The costs for mortgage life insurance are typically higher than term life insurance.
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