MORTGAGE INSURANCE VS LIFE INSURANCE ……. WHAT IS THE BEST OPTION TO PROTECT YOUR MORTGAGE? WE WILL EXPLAIN.

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Manos con una casa

 

 

Mortgage Insurance Vs Life Insurance

 

Mortgage Insurance

  • The beneficiary is the lender

  • Death benefit is the remaining balance of the mortgage

  • If you switch the lender you have to apply for mortgage insurance again

  • Prices are higher

  • Non convertible to a permanent

  • Rates are the same for smoker and non smoker

 

Term Life Insurance

  • You choose the beneficiary

  • Death benefit will be the same through the life of the policy

  • Portable

  • Reasonable prices for a term 10 policy

  • Convertible to a permanent

  • Premiums are lower if you are in a good health orĀ if you are non smoker

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