For most families, the mortgage is their largest debt.

Many homeowners accept the creditor insurance offered through their lender because it is convenient. 

But there can be important differences between mortgage creditor insurance and an individually owned life insurance policy.

Before relying on the coverage attached to your mortgage, ask yourself:

• Does the coverage decrease as your mortgage decreases? 
• Who owns and controls the insurance? 
• Who receives the proceeds when you die? 
• What happens if you refinance or change lenders? 
• Could you have to medically qualify again? 
• Would there be enough money left for your family after the mortgage is paid? 

Paying off the house solves one problem.

It does not replace the income your family may have lost.

Your family may still need money for:

• Monthly living expenses 
• Childcare 
• Vehicle payments 
• Education 
• Other debts 
• Emergency savings 
• Future goals 
• 
  

Life insurance should be designed around your family’s needs, not simply the balance owing to your lender.

Most people compare rates, terms and amortization — then accept the mortgage insurance offered at the lending table without giving it the same attention.

With individually owned life insurance, you choose the coverage amount and beneficiary, subject to the policy terms.

That can give your family more flexibility over how the money is ultimately used.

Already have creditor insurance through your bank?

Bring the information you have. In 20 minutes, Fusion can help you understand what you currently have and compare it with individually owned life insurance.