Mortgage Protection Insurance
Before you accept your bank's mortgage insurance, make sure you take a look at our comparison chart below:

LIFE INSURANCE	THE BANK
Policy is underwritten when you apply, so you know if you are covered up-front.	Policy is underwritten when you make a claim, so in the end, you may not qualify for coverage.
Premiums are guaranteed at issue for the duration of the coverage.	Premiums can increase depending on the claim rate of the group covered under your group mortgage insurance.
Individually owned policy.	The lender owns the policy.
The client controls all policy options.	The client has no control over the policy.
The client may purchase amounts greater than the mortgage balance.	The face amount of the policy can only be the exact amount of the mortgage.
Only the client can cancel the policy.	The policy can be cancelled by the bank/issuing company any time.
The individual policy may be continued as long as the client wishes. It is fully portable.	The coverage will terminate upon mortgage repayment, assumption or sale of the house.
The policy is fully convertible to permanent insurance, regardless of health.	The group mortgage policy is not convertible.
The insurance amount remains level as the mortgage balance declines.	The insurance coverage decreases as the mortgage balance declines.
The client can make a beneficiary designation. In the event of death, the beneficiary will receive the proceeds. The beneficiary will have the choice of repaying the mortgage or using the funds for a different purpose.	The group policy does not allow for beneficiary designations. In the event of death the bank is repaid automatically - not your family.

Life insuring your mortgage provides you with added flexibility and a number of benefits, which include, better rates the ability to choose your own beneficiary, and having the freedom to switch lenders.
For more info, watch the CBC Marketplace segment "In Denial" about Mortgage Insurance.