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Most Lenders Mortgage Insurance |
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AXA Term Insurance |
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The lender owns the policy and the
lender is the beneficiary. |
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You own the policy and you choose who
the beneficiary is. |
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The lender will only insure the amount of
the mortgage. You can’t alter, renew or
convert the policy. The coverage ends
when the mortgage is paid off or ends. |
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You can increase or decrease your
coverage, renew, or convert to a
permanent plan. If you renegotiate or
payoff your mortgage you can keep your
coverage. |
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Upon death the benefit goes directly to the lender. Only the balance of the mortgage is paid off even though they have been charging you for the full amount. |
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Upon death the benefit goes directly to the beneficiary. They can then decide how to best use the money. |
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The premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time. |
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Your premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy. |
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You pay the same rate as everyone else in your age range. |
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Rates are based on your personal age, gender and smoking status. In most cases rates are much cheaper than lender insurance. |
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If two people are insured the lender will charge premiums for two people but if both people die only the mortgage is paid out. |
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If there are two policies and both people die then BOTH policies will be paid out. |
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Lender insurance declines with the mortgage but the premiums remain the same. |
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Coverage does not decline. |
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The Origin Mortgage Insurance Difference
