Both mortgage life insurance and mortgage loan insurance provide a measure of protection should the unthinkable happen.


Losing a primary income earner puts the family at risk so some type of mortgage protection is highly advisable. However, there are some definite benefits to mortgage life insurance.

Mortgage Loan Insurance

Mortgage loan insurance, sometimes also referred to private mortgage insurance, pays out directly to the lender. Many lenders require this type of insurance if the home is purchased with a low down payment (5%-20%). The monthly insurance payment is usually included in the mortgage payment.

Mortgage loan insurance typically covers only the outstanding balance of the mortgage. Over time,  as the mortgage owed decreases, so does the coverage. However, the insurance premiums stay the same and may even increase when you renew your mortgage.

Mortgage Life Insurance

Mortgage life insurance pays out the outstanding balance of the mortgage directly to the beneficiary, not the lender. The policy may also cover mortgage payments in case of disability or serious illness.

Mortgage life insurance not tied to a particular bank or mortgage so you have the freedom to change banks or mortgage terms without it affecting your coverage.

Why Benefit the Lender?

20/20 mortgage life insurance was designed with the customer in mind - fairly priced and flexible. Your mortgage insurance should benefit those who matter most. The average savings is 20%, which adds up to a substantial amount when you think of the amount of the mortgage.

Mortgage loan insurance is often purchased from the lender at the same time people are getting their mortgage - typically without a clear idea of the cost or features. The insurance premiums are hidden in the monthly mortgage costs.

Making the Switch

Switching from your existing plan with the bank is free and easy, so if you decide to make the switch from your lender’s policy, just let us know and we will help you take care of it! When we send you the confirmation of coverage for your personal records, we will also provide you with a cancellation letter to sign and send to your bank.

Contact Us

Find out if mortgage life insurance is the right product for you. Our licensed agents can conduct a needs analysis to help you settle on the right option. To begin the process, you can apply for 20/20 online or contact us at 1-866-587-3366 or fill in our online contact form.

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