Why You Don't Need Mortgage Insurance from BANKS!!!

When you signed for your mortgage, you were offered a costly mortgage insurance.

There are several reasons why declining the bank / lender -offered insurance is advisable in favor of an individual life Insurance Policy: 

Mortgage Insurance Insures the BANK! NOT YOU

The bank is the beneficiary of the policy in Case of your death. And for this, you get to pay the monthly premiums.

Mortgage Insurance is a Decreasing Benefit with Level Premiums

Mortgage Insurance pays off the balance of your mortgage which will decrease as the years go by. However, your premiums remain the same!!!

Changing BANKS/Mortgage Lenders Means Cancellation & New Underwriting

At the end of your five year term (for example), if  you decide to switch your mortgage to another bank, you will have to start underwriting process again. And could be declined.