With an individual mortgage insurance protection policy, the policy owner is seeking superior coverage. Below is a comparison which demonstrates the differences
Your Protection In Case Of Death
Home Protection Plan
Banks
*Is your premium guaranteed for the loan term?
Yes
No
*Are you entitled to a lower premium for joint protection?
Yes
No
*Who owns the contract?
You
Lending Institution
*Who receives the death benefit?
Your Beneficiary
Lending Institution
*Does your insurance continue if you change lending institutions?
Yes
No
Your Protection In Case Of Disability
*How much is paid in case of disability?
50% or 100% according to the selected option
50% or 100% according to the selected option
*Does your premium remain unchanged even if interest rates increase
Yes
No
Your Protection in Case of Critical Illness
*Can you benefit from critical illness protection?
Yes
Generally not available
*How many critical illnesses does the protection cover?
23
Generally 3 when available
*Do you have to use the benefit to repay the loan.
