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Life insurance vs. mortgage insurance

the protectorGetting or renewing a mortgage? Your lender is required to ask if you want mortgage insurance. So in the midst of all the paperwork flying around, you think, “Well, insurance that looks after my biggest investment sounds like a good thing.” And it is. But is mortgage insurance better than life insurance? When it comes to protecting your assets, it’s worth taking the time to do some research and compare the two.


Mortgage insurance vs. life insurance: the basics

Mortgage insurance should actually be called mortgage protection. It’s something that is offered by a lender, usually a bank, to cover what you owe that lender on your mortgage should you happen to die during the term of your mortgage (usually three to five years). Life insurance, whether bought through a broker or any number of insurance providers, pays a tax-free lump sum cash benefit to your beneficiaries upon your passing.

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