Whether you are looking to save on your save on life insurance, mortgage insurance or pay for mortgage insurance from the banks you should consider an individual term life insurance policy.

The two main differences between mortgage life insurance and term life insurances are:

• Term insurance usually provides an added savings by being the cheaper option
• Term insurance is considered a better, more flexible product than mortgage insurance.

Here’s why:

By shopping the market you are putting competitive forces to work. By having many different options available it effectively reduces prices of term insurance as companies try to gain your business. This passes savings on to you.

Banks and lenders usually only offer one option. These options are usually more costly than you think.

Mortgage insurance is defined as ‘decreasing term’. Simply put: while your premiums stay level your insurance will pay off only your mortgage (which is obviously decreasing over time). Therefore your insurance coverage is decreasing.

Term insurance has premiums that stay level based on the selected term. However, the death benefit stays level as well. This means that the insurance can play a major role in other aspects of your life.

As well, term insurance is independent of your mortgage meaning it has much more portability, flexibility, and simplicity. On top of that a ‘convertibility’ feature allows for you to structure your insurance needs throughout your lifetime giving you more control.

The choice is easy. Try our quoting system and find out for yourself. The best choices stand out.