Insurance and Investments
Do It Yourself
| Assumption Better Life Mortgage Insurance | Mortgage Lender Life Insurance |
|---|---|
| You own the policy. | The mortgage lender is the owner of the policy. |
| You choose the beneficiary. You can change the beneficiary at any time. | The mortgage lender is the beneficiary. |
| Your policy is renewable and convertible. | The policy ends when your mortgage ends. |
| Your premiums are guaranteed. | Premiums can change. |
| Your insurance remains if you change lenders, change the mortgage or buy a new home. | You will have to re-qualify if you change lenders, change the mortgage or buy a new home. |
| Your coverage stays the same regardless of how much is left on the mortgage. | The coverage decreases with the outstanding mortgage. |
| Your policy is fully underwritten at the time of application. | Underwritten at time of claim. |
| Your insurance payout is tax-free and benefits your loved ones who can then make decisions on financial priorities. | Payout goes to the lender. |
| You have the option to protect your monthly loan payments should you become disabled. | |
| You have the option to protect your loan with a lump sum benefit should you become ill with one of the 16 critical illnesses. |
