Most homeowners compare:

• Mortgage rates 
• Fixed vs. variable 
• Amortization 
• Prepayment options 
• Different lenders 

But when the insurance is offered, many people simply accept it without comparing how it works.

Before relying on the coverage attached to your mortgage, it is worth asking a few questions.

• Does the coverage decrease as your mortgage balance decreases? 
• Who owns and controls the insurance? 
• Who receives the death benefit when you die? 
• What happens if you refinance or change lenders? 
• Could you have to medically qualify again in the future? 
• Would your family receive anything beyond the amount needed to pay off the mortgage? 
• What does the coverage actually cost compared with individually owned life insurance? 

Paying off the house solves one major expense.

But your family’s life does not stop at the mortgage.

They may still need money for:

• Monthly living expenses 
• Groceries and utilities 
• Vehicle payments 
• Childcare 
• Kids’ sports and activities 
• Family vacations 
• Education 
• Other debts 
• Emergency savings 
• Future goals 

The question is not just whether your family could keep the house.

It is whether they could keep living the life you worked hard to build for them.

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

Mortgage creditor insurance can be convenient and may be suitable for some homeowners.

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

That can give your family more flexibility over how the proceeds are ultimately used.

“Do I have mortgage insurance?”

It is:

That is the question your insurance should answer.

The mortgage was shopped.

The insurance should be too.

Bring your mortgage statement, creditor insurance information or existing life insurance details.

Fusion can help you understand what you currently have, what your family may actually need, and how that compares with individually owned life insurance.

Understand what you have before you rely on it.

Insurance needs, costs and availability depend on individual circumstances. Coverage is subject to eligibility, underwriting and policy terms. Mortgage creditor insurance terms vary by lender and product.