Traditional Mortgage Insurance
Mortgage insurance only covers your declining mortgage balance.
The premium you pay stays the same, but the benefit amount decreases with the balance of your mortgage.
You can’t name a beneficiary; the benefit amount is automatically paid to the financial institution.
Premiums are often the same amount for smokers and non-smokers.
If you take your mortgage to another lender, you may lose your existing mortgage insurance and have to re-qualify for new coverage.