Buying Mortgage Insurance? Lender vs Independent
I met with an insurance broker last night and she raised some interesting points while we were talking about mortgage (life) insurance. Most people buy insurance on their life when they get a mortgage to protect their loved ones in case of death of mortgagor. Usually the life insurance – also called mortgage insurance – is offered by the mortgage lender when the borrowers sign the mortgage papers. Before you accept that insurance policy from your mortgage lender talk to an independent insurance advisor.
Here is a little comparison based on my conversation with the insurance advisor:
Lender’s Insurance | Insurance Company |
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This comparison if for your information only. Please consult an insurance professional before buying any kind of insurance as I am no insurance expert.