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Mortgage Life Insurance
There are many benefits to having personally owned insurance for your mortgage over insurance through a lender:
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The death benefit remains unchanged throughout the life of the policy rather than diminishing as the mortgage is paid.
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If a claim has to be made the benefit is guaranteed.
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If you die the benefit will go directly to your beneficiaries rather than the lender.
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You can choose the type and amount of insurance you want.
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Your premiums will remain the same for the life of the policy, where as a lender can increase your premiums at the end of your mortgage term.
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Personally owned insurance is more cost efficient.

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