It is important to keep two things in mind when purchasing a home and buying mortgage insurance:

1. Don’t focus entirely on your loan negotiations and hastily take out mortgage insurance with your bank or trust company, where the bank or trust company becomes the beneficiary.

2. Don’t make the mistake that loan approval and mortgage insurance plans are the same. They are distinct products. Mortgage insurance can be purchased from a company other than your loan provider, so you retain control of your plan.

Differences between insurance from banks/trust companies
and individual mortgage policies.

We strongly recommend the following four mortgage insurance solutions:

1. Term insurance for 10 or 20 years as the most cost-effective protection.
2. All-in-one, life, disability and critical illness coverage as the most complete protection.
3. Mortgage and your money back protects you from a critical illness. If you do not have a claim, you receive a premium refund and get your entire principal back after 10 or 20 years.
4. Permanent and term life combination , the term can be converted down the road or you can let it drop off (terminate) once your mortgage is paid off. The permanent portion will be paid up in 20 years. Therefore there should be no need to apply for insurance later in life, you will be older (higher premiums) and who knows what your health will be like in the future .

Additional Mortgage Insurance Info

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