Is Mortgage insurance through the bank a rip-off?

In most instances, individual life insurance offers a much better value than mortgage insurance through a lender. Individual life insurance policies provide level coverage, the plan is portable, if you decide to switch homes or move to another bank, and the insurance company allows you to choose your own beneficiary. There are also substantial discounts to non-smokers and people who have a healthy lifestyle. Mortgage insurance through the bank offers declining coverage, the bank is the insured’s beneficiary and there are generally no discounts given to non-smokers or people with a healthy lifestyle

This is a better plan to get life insurance plan so as to secure the family's future, mainly if someone is that the only earner. Moreover, insurance policy conjointly provides the financial help to pay for funeral expenses and thus, make sure that the death of the insured won't be a financial burden on his or her family.

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