Tag: Creditor Protection

This topic that is near and dear to my heart, and you’ve probably heard it before from me. The whole topic of mortgage insurance (also known as creditor protection) is something that protects your lender, not you or your family.

Mortgage insurance is owned by the bank. It is put into place by the bank and is there to protect the banks balance sheet rather than your family. Each and every time you move or refinance your mortgage you must re-qualify medically for coverage and if you have had a change in health and now you don’t qualify, you are left without coverage. With individual life you own the policy and it follows you wherever you move… it’s not attached to your mortgage.