| LENDING INSTITUTION
|
INSURANCE COMPANY
|
| You are insured under a group policy |
You are insured under an individual life insurance policy
|
| The lending institution is the beneficiary
|
You name a beneficiary of your choice
|
| The lending institution owns the insurance contract
|
You are the owner of your mortgage insurance policy contract
|
| The amount of insurance protection reduces as you make your mortgage payments |
The insurance protection never decreases unless its at your request
|
| The policy is subject to change of the insurance provider and the terms of the agreement |
The insurance company cannot change the provisions or the premiums
|
| The cost of insurance does not decrease even though the amount of protection does |
If you decide to reduce your coverage, your payments will be reduced as well |
| No changes or alterations are permitted under the group plan |
Any changes or conversions are permitted if requested in writing
|
| The mortgage insurance protection will cease when the property is sold |
The mortgage insurance protection will stay in force when the property is sold |
| The insurance protection cannot be transferred and is limited to the mortgage of the original property |
This protection stays in place when you change homes and mortgage lenders |
