Life insurance provides level premiums and level death benefit for a set period of time chosen by the consumer whereas mortgage insurance provides level premiums and a decreasing amount of coverage.
Life insurance has underwriting done at the time of application whereas mortgage insurance has underwriting at the time of claim. As a result, mortgage life insurance is not 100% guaranteed to pay out as the bank will decide if they will pay out when you make a claim. Most people are not aware of this.
Life insurance has a wide variety of policy types and options to choose from whereas mortgage life insurance does not.
Life insurance offers clear benefits general sense, many see it is a slightly annoying expense with minimal benefits forced onto them by their bank.
Mortgage insurance typically has to be revisited every time you make changes to your mortgage. Depending on your health you may not
