Why is Term Life Insurance almost always the best choice for mortgage protection.

1. Mortgage Protection

Unlike "mortgage insurance" you purchase from your bank, level Term Life Insurance provides a level amount of coverage, regardless of the balance of your mortgage.

When you buy "mortgage insurance" at a bank, you pay the same premium over the life of the policy for progressively lower amounts of coverage.

2. Expense

A level term life insurance policy is usually less expensive than bank "mortgage insurance" and also provides a level benefit throughout the life of the policy. If you are a healthy, non-smoker, you may even qualify for a further discount. With bank "mortgage insurance", no discounts are available.

3. Control

If you own bank "mortgage insurance" and you die, the bank gets the money. With term life insurance, you control who gets the proceeds from the policy.

4. Flexibility

With Term Life Insurance, your beneficiary can use any coverage beyond the remaining balance on your mortgage to pay off debts or any other outstanding expenses. Bank "Mortgage Insurance" only pays off the mortgage.

5. Ownership

You own your Term Life Insurance policy, and your rights under the policy are guaranteed. Bank "mortgage insurance" is owned by the bank, and can be changed at any time.

The advantages are obvious. For most people, Term Life insurance provides much better value, mortgage protection and peace of mind compared to traditional "bank mortgage insurance".